Crude oil exports from Brazil are fast becoming a significant factor in the tanker market. In its latest weekly report, shipbroker Banchero Costa said that “after a modest upturn in 2024, when global crude oil loadings increased by +0.8% y-o-y, things got quieter in 2025. In Jan-Sep 2025, global crude oil loadings increased by +0.6% y-o-y to 1,652.2 mln tonnes, excluding all cabotage trade, according to vessels tracking data from LSEG. Exports from the Arabian Gulf were up by +0.9% y-o-y to 655.4 mln t in JanSep 2025, and accounted for 39.7% of global seaborne crude trade. Exports from Russian ports (including oil of Kazakh origin) instead declined by -0.8% y-o-y to 173.3 mln t in JanSep 2025, or 10.5% of global trade. From South America, exports surged by +7.6% y-o-y to 160.6 mln t. From the USA, exports went down by -10.3% y-o-y at 135.2 mln tonnes in Jan-Sep 2025. From West Africa, exports inclined by +2.7% y-o-y to 131.5 mln t. From ASEAN exports dropped by -11.2% y-o-y to 82.8 mln t in Jan-Sep 2025 (this inevitably includes transshipped Iranian and Russian cargoes)”.
According to Banchero Costa, “in terms of demand, the top seaborne importer of crude oil in Jan-Sep 2025 was Mainland China, accounting for 22.5% of global trade. Volumes into China declined by -3.1% y-o-y to 367.7 mln t in Jan-Sep 2025, from 379.5 mln t in Jan-Sep 2024. Imports into the EU27 decreased by -3.4% y-o-y to 345.7 mln t, accounting for 21.2% of global trade. To ASEAN, imports increased by +6.3% y-o-y to 211.0 mln t. Imports to India continued to grow, thought at a slower by +1.0% y-o-y to 178.0 mln t in Jan-Sep 2025. To South Korea, imports declined by -1.6% y-o-y to 103.1 mln t. To Japan, imports declined by -1.4% yo-y to 82.1 mln t in Jan-Sep 2025. Imports into the USA declined -8.5% yo-y to 93.2 mln t in Jan-Sep 2025”.
“Brazil is fast emerging as a significant exporter of crude oil, with volumes increasing rapidly in recent years. In Jan-Dec 2022, Brazil exported 69.3 mln t of crude oil, up +8.5% y-o-y. In Jan-Dec 2023, volumes surged by +27.2% y-o-y to 88.2 mln tonnes. In Jan-Dec 2024, exports increased by a further +4.3% y-o-y to 92.0 mln t. In 2024, Brazil accounted for 4.2% of global seaborne crude oil exports. 2025 so far has been even more positive, with exports in Jan-Sep 2025 up by +15.6% y-o-y to 79.8 mln tonnes, up from 69.1 mln tonnes in Jan-Sep 2024. About 30 percent of international crude exports from Brazil in Jan-Sep 2025 were loaded at Angra Dos Reis, about 27 percent from Acu, about 16 percent from Santos, about 3 percent from Peregrino FPSO, about 2 percent from Madre Deus, about 2 percent from Itagui” the shipbroker said.
“The vast majority of crude oil cargoes loaded in Brazil, 68 percent in Jan-Sep 2025, are loaded on VLCCs. About 23 percent of volumes are loaded on Suezmaxes, and 5 percent is loaded on Aframaxes. In terms of destinations for crude oil shipments from Brazil, the major ones are in Asia, which results in a very strong contribution to shipping tonnemiles. The number one destination is Mainland China, accounting for 39 percent of Brazilian shipments so far this year. In Jan-Sep 2025, Brazil exported 30.8 mln tonnes of crude oil to China, up +12.8% y-o-y. Direction Europe, about 16.0 mln tonnes (20.0 percent of the total) were shipped from Brazil to the European Union in Jan-Sep 2025, down -4.9% yo-y from the 16.8 mln tonnes in JanSep 2024. Of these, 5.7 mln t were shipped to Spain, 4.4 mln t to the Netherlands, 3.3 mln t to Portugal. To South East Asia, volumes surged by +37.4% y-o-y in Jan-Sep 2025 to 7.6 mln tonnes, from 5.5 mln t in Jan-Sep 2024. Of these, 4.9 mln t were shipped to Singapore, and 1.5 mln t to Malaysia. Exports to the United States corrected by -15.9% y-o-y to 6.8 mln t, after increasing by +55.5% y-o-y in the same period of last year. Shipments to the rest of South America increased by +4.9% y-o-y to 7.1 mln tonnes, including 4.4 mln t to Uruguay and 2.2 mln t to Chile”, Banchero Costa concluded.
Source: Hellenic Shipping News Worldwide
