North Sea Maintenance Offsets Lack of Sales to Asia

Posted by Eric Haun
Tuesday, April 22, 2014

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.

With little chance of arbitraging barrels to Asia in May and June, traders expected North Sea maintenance, which is expected to cut supplies, to drive crude values in the region in the coming weeks.

But later this summer, the gradual return of barrels from Libya may help offset North Sea maintenance.

Production in Libya is now around 220,000 barrels per day, and the eastern port of Hariga has exported its first tanker of crude since a deal to reopen the docks was struck between Tripoli and rebel militias.

Three other major ports still remain closed, however.

Forties
Shell sold a cargo of Forties to Statoil for loading May 4-6 at parity to dated Brent.

This was in line with the last trade, when Chevron sold a Forties cargo loading on May 4-6 to Shell at parity with dated Brent.

(Reporting by David Sheppard; editing by Jane Baird)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

News

India's Iran Oil Imports Surge in June

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows.   In the first half of 2016 India's Iran oil

Tallink Christens LNG Ferry Megastar

A new LNG-driven fast ferry Megastar was christened in Meyer Turku shipyard for owner/operator Tallink Grupp. The environmentally sound ship was christened on

Lerwick Welcomes its Largest Ever Cruise Vessel

June 30 was a big day for GAC UK’s Shetlands office, as Offshore Manager Adrian Henry welcomed the P&O Cruises ship Azura to the port of Lerwick, the islands’ capital and home to GAC’s local office.

Offshore Energy

Boskalis Bags Aberdeen Offshore Windfarm Deal

Royal Boskalis Westminster N.V. (Boskalis) has been appointed the preferred Offshore Balance of Plant contractor by Vattenfall for the construction of Aberdeen Offshore Wind Farm,

Construction Begins on Johan Sverdrup Riser platform

The riser platform construction start was marked today at the Samsung Heavy Industries yard in South Korea. Project director for Johan Sverdrup Kjetel Digre (from right),

Boon, Non-executive Director of ST Engineering Resigns

Singapore Technologies Engineering Ltd (ST Engineering) today announced the resignation of Mr Quek Tong Boon as non-executive Director with effect from 1 July 2016.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1024 sec (10 req/sec)