Houthi Blockade Hits Yanbu Crude Loadings, but 'Dark' Tankers Plug Gap

A recent blockade declared by Yemen's Houthi rebels has significantly impacted crude oil loadings at Saudi Arabia's Yanbu terminal. Data from Kpler and AXSMarine shows that visible crude loadings fell by at least 30% last week, dropping to between 2.4 million and three million barrels per day. This decrease is attributed to the blockade, which has affected Saudi Arabia's main Red Sea oil export hub.

The focus on Yanbu has intensified as the Red Sea has become a new front in the regional conflict. The terminal serves as a key outlet for crude shipped westward to Europe and North America via the SUMED pipeline and Red Sea routes, avoiding the Strait of Hormuz. Exports in the previous week averaged 4.23 million barrels per day, according to Kpler.

Vortexa data shows loadings at 3.8 million bpd last week, broadly stable from the previous week. However, the company notes that the use of 'dark loads' has increased, with four Very Large Crude Carriers (VLCCs), one Suezmax, and one Aframax loading with AIS transponders switched off, accounting for about a third of volumes lifted during the week.