North Sea: Potential VLCC Moves to South Korea

Wednesday, April 16, 2014

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.

The BW Utah left Hound Point on Monday bound for Rotterdam, according to traders and ship tracking data, and is now close to port. The Phoenix Vanguard is currently sailing from Rotterdam to the Fawley refinery, but is only partially loaded.

Traders said it may stop there before continuing to Hound Point, then Asia, but doubts are increasing about whether the arbitrage would work as freight rates are becoming more expensive.

From May, no VLCCs will be able to sail from Hound Point as Jetty 1 will be closed for maintenance.

A tanker has started loading crude at Libya's eastern port of Hariga for the first time in nearly nine months, after a federalist group agreed to re-open the port last week, a state oil company official said on Wednesday.

The tanker Aegean Dignity arrived on Tuesday and more tankers were on the way, according to National Oil Corp. and shipping sources. It is expected to load up to 1 million barrels of light sweet crude.

Higher exports from Libya could reduce demand for North Sea oil from refineries in the Mediterranean refiners, which are beginning to emerge from maintenance, but many ports in the east of the country remain closed.

Forties
There were no trades or outstanding bids or offers in the Platts price assessment window, traders said.

The last trade was on Tuesday when Total sold to Gunvor a for loading May 7-10 at dated Brent plus 15 cents, traders said.

Maritime Today


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

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

Tanker Trends

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

Canada Says Lifting Some Sanctions Against Iran

The Canadian government said on Friday it was lifting some sanctions against Iran, including the broad ban on financial services, imports and exports, making Canadian

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Ports

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MOL Enhances CSW Service between Asia and East Coast South America

Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda) today announced the enhancement of its Asia and East Coast South America trade by merging existing

World's Richest Travellers Prefer Panama

According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring.   Panama saw the most

News

Kemp Joins PMSA as Vice President

The Pacific Merchant Shipping Association (PMSA) announced the hire of Carl Kemp as a Vice President based in the organization’s Long Beach office.    Kemp brings

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Offshore Energy

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Iqarus Acquires C-CHEC at Subsea Expo

Offshore and onshore health and medical solutions company Iqarus is set to acquire occupational hygiene consultancy C-CHEC to deliver a new integrated offering to global industries.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0877 sec (11 req/sec)