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 Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

The World's Most Expensive Jones Act Tanker

The series highlighting the world's most expensive active vessels from online ship intelligence and information service VesselsValue.com focuses this week on the most expensive tanker vessel,

DNO Eyes First Kurdistan Crude Shipment

Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its

Second Tanker Awaits Lifting Opportunity at Libya Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal

Ports

Port Réunion to Become Strategic Maritime Hub

Visit of the President of the French Republic François Hollande to the Reunion Island Rodolphe Saadé intends to turn Port Réunion into CMA CGM Group strategic maritime

Second Tanker Awaits Lifting Opportunity at Libya Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal

UK's Condor Buys Austal 102 Fast Ferry

Condor Ferries says it has completed purchase of the Austal 102, a state-of -the-art high speed ferry which will operate between the Channel Islands and the UK.

Energy

LNG America Selects Topside Designer for LNG Bunker Barge

LNG America has selected Taylor-Wharton to commence the front-end engineering and design work for the cryogenic topside of the company’s 3,000 cubic meter Gemini

Keppel Delivers 4th Jackup Rig to Qatar

Keppel FELS Limited (Keppel FELS) has delivered its fourth jackup rig, "Dukhan", to Gulf Drilling International Ltd. q.s.c. (GDI) of Qatar nine days ahead of schedule,

DNO Eyes First Kurdistan Crude Shipment

Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its

News

CMA CGM to Launch New Joint Liner Service

CMA CGM S.A. announced it act in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL),

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of

Ecuador Coastguard Orders Damen Patrol Boats

Damen announced it has recently signed a contract with AstillerosNavalesEcuatorianos (Astinave) to construct two Damen Stan Patrols (Spa) 5009 for the Ecuadorian Coastguard.

Offshore Energy

Keppel Delivers 4th Jackup Rig to Qatar

Keppel FELS Limited (Keppel FELS) has delivered its fourth jackup rig, "Dukhan", to Gulf Drilling International Ltd. q.s.c. (GDI) of Qatar nine days ahead of schedule,

Chariot Agrees Brazil Farm Out with AziLat

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announced that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda.

Standard Chartered Private Equity invests $ 75 mi in Topaz

Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations

 
 
Maritime Contracts Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1153 sec (9 req/sec)