BAKU, Azerbaijan, February 3. The State Oil Company of Azerbaijan (SOCAR), which sells a portion of its oil to Asia, is shipping cargo batches for clients in the Asia-Pacific region via the Cape of Good Hope, an informed source exclusively told Trend.
"Due to disruptions in the global supply chain, currently many tanker cargoes are circumventing the Red Sea, that is, via the Cape of Good Hope. This is an operational necessity related to the safety of delivering goods to customers. SOCAR is also following this practice," the source explained.
In particular, Azerbaijani BTC Blend crude oil departed from Ceyhan to Thailand on January 22 through the Cape of Good Hope to avoid the Red Sea, as confirmed by the specialized global trading structures - LSEG (London Stock Exchange Group) and Kpler.
According to them, the Tilos I vessel is transporting around one million barrels of Azerbaijani BTC Blend crude oil to Sriracha port (Thailand), where it's expected to arrive on March 8.
"We have to agree to such a lengthy delivery. This is not SOCAR's current strategy, just an operational issue in fulfilling commitments to oil buyers," emphasized the source.
To note, since the end of 2023, ships in the Red Sea have been attacked by Houthi rebels, and almost all major shippers currently prefer to bypass through the Cape of Good Hope.