North Sea Maintenance Offsets Lack of Sales to Asia
North Sea Forties crude differentials were unchanged on Tuesday in light trade, supported by upcoming North Sea maintenance, but the forward curve weakened due to the lack of arbitrage opportunities to Asia. Two potential VLCC shipments to Asia appeared to have been called off. The VLCC Phoenix Vanguard was sailing south past Portugal after calling at Exxon's Fawley refinery, even though some traders expected it to return to Hound Point to pick up another cargo of Forties this week. The BW Utah was again anchored off Hound Point, having delivered a cargo from there to the Amsterdam-Rotterdam-Antwerp hub last week. Traders said it could still have time to load a cargo for Asia before Jetty 1 closes for two months of maintenance work, but most expressed doubts.
North Sea: Potential VLCC Moves to South Korea
North Sea Forties crude differentials were unchanged on Wednesday in very quiet pre-Easter trade, with dealers still watching two potential VLCC shipments to Asia and the stuttering return of Libyan oil supplies. A strong early rally in flat-price Brent futures also kept traders on the sidelines, market sources said, with the new front-month contract for June delivery rising above $110 a barrel for the first time since early March as tensions in Ukraine rose. There were no trades in the Platts assessment window and no outstanding bids or offers, leaving Forties at dated Brent plus 15 cents. Traders have been watching the progress of two VLCCs - the BW Utah and the Phoenix Vanguard, both of which have been in the frame for arbitrage shipments of Forties to South Korea.
North Sea Traders Eye VLCCs to Asia, Libya Caps
North Sea Forties crude differentials firmed on Tuesday as traders eyed two potential VLCC shipments to Asia, though gains were capped as the first cargo of Libyan crude was set to load since a deal with rebels to reopen ports. Traders have been watching the progress of two VLCCs - the BW Utah and the Phoenix Vanguard, both of which have been in the frame for arbitrage shipments of Forties to South Korea. The BW Utah left Hound Point on Monday bound for Rotterdam, according to traders and ship tracking data.
IBIA Moves Office
London to Southampton, on the UK south coast. costs, while maintaining efficiency and service to members. own right, with the huge Fawley refinery close by. As part of its relocation program, IBIA has also appointed a new administrator, Anne Chambers. Chambers' background is in administrative, personnel and book-keeping related duties. She will be working with Adams in Southampton.
Inchape Acquires FMS
Inchcape Shipping Services (ISS) has fully acquired Fawley-based agency Furness Marine Services Ltd (FMS), the second major acquisition it has completed in 2004. ISS is now 12 months into its two-year plan to double the size of its business through organic growth and strategic acquisitions. Following last month’s acquisition of the Ancon depot facility in the Port of Antwerp and several mergers and acquisitions completed in 2003, that plan is well on schedule to be met or exceeded within the expected timeframe. Independent shipping agency FMS was the result of a management buyout of Furness Withy Agency in 1993. Furness Withy had held a contract with Esso since 1985 and FMS has continued working with the international oil and gas major ever since.
