W.Africa Crude Slow to Trade; Nigerian Glut Fading

Posted by Eric Haun
Friday, August 22, 2014

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

Most buyers have baulked at the initial offers of Angolan crude, which a trader said were $1 a barrel or so higher than previously traded prices. Business has focused on term cargoes and only one spot trade has come to light.

The overhang of September Nigerian cargoes is showing signs of easing as a drop in differentials, contango in the Brent market and wider refinery margins have helped cargoes to find buyers. "Most are now sold," said one.

Angola

Total sold a cargo of Pazflor, a trader said, in the first known spot trade for October.

Cabinda: Offered by Chevron at dated minus $1.70, a trader said, down from the initial offer and 40 cents below the last known offer from state oil company Sonangol.

Offer levels, relative to dated Brent, were last heard to be as follows for other grades. They are higher than previously heard traded prices.

  •     Dalia -$2.50
  •     Kissanje, -$0.70
  •     Nemba, -$1.30
  •     Plutonio, -$1.80
  •     Saturno, -$5.25


Nigeria
Qua Iboe was still valued at around dated Brent plus $1 a barrel, in line with Thursday.

Most cargoes for September loading have been sold, a trader said. At the start of the week, the general view among traders was that around 10 cargoes were available.

Offers for October cargoes are so far scarce. Qua Iboe will load 12 cargoes, a trader said, the same as in September but a lower daily loading rate.   

(Reporting by Alex Lawler; Editing by David Holmes)

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Wärtsilä, Clean Marine Energy Offer "Scrubber Finance"

Wärtsilä and Clean Marine Energy (Europe) Ltd (CME) today announced the landmark signing of the shipping industry's first collaboration agreement that will provide

Energy

Royal IHC Merges Four Units into IHC IQIP

Royal IHC (IHC) has integrated four of its business units – IHC Hydrohammer, IHC Handling Systems, IHC Sea Steel and IHC Fundex Equipment – into one new organization,

CTruk OWSV Enhanced with Volvo IPS

Since the launch of its first-of-class CTruk MPC22 late last year, the East Anglia-based workboat designer and builder informs it has incorporated performance feedback

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

News

NV Charts Relocates US Headquarters

NV Charts has moved its offices and warehousing facilities to centrally-located Deale, Maryland, U.S. In announcing the move, Hasko Scheidt, CEO, said, “As we’ve grown and need room for expansion,

Wärtsilä, CME Offer ‘Scrubber Finance’

Funding concept promotes installation of scrubber systems by offering financing to shipowners, with returns taken from fuel price spread   In a move intended

Alphatron Marine VSAT Systems for 11 Workboats

Alphatron Marine has signed a lease contract with Seacontractors for no less than 11 vessels to provide satellite hardware and data solution packages.   Alphatron

Logistics

Statoil: Johan Castberg, Snorre 2040 Timelines Changed

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio,

Hapag-Lloyd Warn About Verification by German Customs

Hapag-Lloyd has informed that for all import cargo to be discharged at the German ports of Hamburg and Bremerhaven the carrier is responsible to send a complete

Richmond Ferry Service to Become a Reality

At its meeting of March 5, the Board of Directors of the Water Emergency Transportation Authority (WETA) approved a Cooperative Agreement with the Contra Costa

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1396 sec (7 req/sec)