Russia diverts oil shipments from Red Sea to Cape of Good Hope Amid rising security concerns

Russia has increasingly shifted its oil product shipments from the Red Sea route to a longer journey around the Cape of Good Hope due to rising security concerns.

July saw a record 1.1 million tons of Russian oil products transported to Asia via the South African route, the shipping company LSEG said, Caliber.Az reports per foreign media.

The move comes in response to threats from Houthi rebels, which have targeted shipping in the Red Sea. The majority of these exports consist of naphtha, totaling 0.83 million tons, with the remainder being fuel oil and diesel. Key destinations for these shipments include Singapore, Taiwan, India, and China.

Traders began rerouting their cargo around Africa in December 2023, a trend that has intensified following multiple attacks on vessels by the Houthi group. Despite the shift, most of Russia's oil products continue to be transported through the Suez Canal, albeit with increased risk and caution.