Work Starts at North Sea's Hound Point VLCC Jetty
A month of planned maintenance has started at the North Sea loading terminal for Forties crude, which helps set the Brent benchmark, an industry source said on Thursday, preventing VLCC loadings. Hound Point's Jetty 1 is the key loading berth for very large crude carriers (VLCCs), so the closure makes moving Forties to far-flung destinations like Asia more difficult and has weighed on the price of Forties. The facility's operator, BP, said in March Jetty 1 would close for maintenance from May 6 to June 8 . BP could not immediately be reached on Thursday. In 2014, spring maintenance at Jetty 1 lasted for about six weeks, during which time Forties differentials slumped to multi-year lows. (Reporting by Alex Lawler, editing by David Evans)
UK's Hound Point VLCC Jetty Down Until Sept. 15
The supertanker jetty at the North Sea's Hound Point crude oil terminal is shut for maintenance and will not reopen until Sept. 15, operator BP Plc said on Thursday, making sending excess cargoes to Asia more difficult for traders. The Hound Point jetty has two berths, but only Jetty 1 is large enough for the Very Large Crude Carriers (VLCC) that traders normally use to send cargoes to Asia. "Hound Point 1 berth will be closed to carry out maintenance. The berth won't be available for loading from 26th August 2014 until the work is complete, which we estimate as 15th Sept 2014," BP said in a statement. "Hound Point 2 berth is fully available for normal operations.
BP: No VLCC liftings from UK's Hound Point in May, June
No very large crude carriers (VLCCs) will load from Britain's Hound Point oil terminal in May and June due to planned maintenance, a spokeswoman for operator BP said on Tuesday. Last week traders reported hearing that Hound Point's Jetty 1 would undergo fender and integrity work in May and June. VLCCs can only load from Jetty 1, but BP was not immediately able to confirm the impact on loadings. VLCC shipments to South Korea and China from Hound Point have supported Forties differentials and Brent futures in February and the absence of VLCC loadings in May and June is thought likely to depress prices.
