Russian port of Novorossiisk restores normal loadings after drone strike

The Russian Black Sea port of Novorossiisk has resumed normal exports of crude and oil products after a Ukrainian drone attack on Nov. 14 temporarily hit its operations, according to market sources and shiptracking data as of Nov. 17.

Russian authorities confirmed that drones had struck and damaged several installations at the port late last week, including a Chernomortransneft tank and berth, the NUTEP container terminal, and an oil depot at the Sheskharis complex, a major transhipment terminal for Russian and Kazakh crude.

According to S&P Global Commodities at Sea data, just five Russian oil cargoes and only one crude tanker departed Novorossiisk between Nov. 14-16, roughly half the volume shipped the previous week. However, activity rebounded strongly on Nov. 17, when nine Russian oil tankers left the port. Shipments included tankers of Urals and Siberian Light crude, as well as naphtha, gasoil and vacuum gasoil, CAS data showed.

Three market sources, who were not authorized to comment publicly, confirmed that loadings were mostly progressing as normal.

Separately, five cargoes of Kazakh CPC Blend crude -- which is shipped from separate dedicated offshore terminal some 15 km along the coast from Novorossiisk -- have left the port since the attack, according to the CAS data, confirming reports Nov. 14 that activity had resumed within a day of the drone incident. Loadings continued mostly unaffected, while nearby Russian exports dipped, and some 4.8 million barrels of the country's flagship light sweet crude grade was exported Nov. 14-17.

Resumed export activity has demonstrated operational resilience from the Black Sea export hub after fears of more significant outages following the attack. As a major export route for Russian diesel, the Novorossiisk incident had supported a spike in the ICE low sulfur gasoil distillates benchmark, which closed $26.25/mt higher than the previous day on Nov. 14.

Although returning export volumes have calmed fears over an immediate disruption, the incident has kept markets on close watch for future drone impacts, as Ukraine has repeatedly targeted major Russian export terminals and refineries. Over the weekend, Ukraine claimed attacks on Russia's Ryazan and Novokuybishev refineries.

According to analysis from investment bank Morgan Stanley, published Nov. 16, the majority of Russian diesel is exported by four Baltic and Black Sea ports, of which three have been targeted by Ukrainian drone strikes in 2025.

Novorossiisk is the second-largest diesel outlet, handling 27% of exported supply, the report said, second to the Primorsk terminal with a 38% share. Tuapse, which was attacked by drones Nov. 1, is responsible for 11% of exports, while Vysotosk on the Baltic sea handles an 8% share.

As attacks have increasingly focused on critical export infrastructure, analysts have warned that diesel exports could face even stronger headwinds at a time when upcoming US and EU sanctions have already threatened to leave Russian supplies stranded. The Morgan Stanley note estimated that Russian diesel imports could shrink by 150,000 b/d - 200,000 b/d, sustaining diesel cracks over $27/b.

Platts assessed M1 ICE LSGO at $744/mt at 1630 London time on Nov. 17, down from a recent peak of $786/mt on Nov. 11 but more than $110/mt higher than the previous month.