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Asia Demand Bolsters VLCC Rates to 4-Month High: Argus

FREIGHT

VLCC rates on the USGC hit a four-month high on May 17 amid elevated APAC demand for US crude, particularly from China, Argus said.

  • The rate to ship 270k mt of crude from the USGC-China, including $0.25m load-port fees from Corpus Christi, rose to $10.1m, or $4.85/b for WTI. This is the highest since Jan. 12.
  • A surge in demand in H1 May reduced available in the Atlantic basin as Chinese refineries come out from a heavy maintenance season.
  • The USGC-Rotterdam VLCC rate on May 17 was at its highest level since Jan. 11 at $2.38/b for WTI, including Port Fees.
  • Asian demand had limited the amount of VLCCs available to move cargoes to Europe.
  • The rally comes amid rising onshore inventories in China, with stocks up to 924m bbl in the week to May 19, a near five-month high.
  • The inventory build is due to expected ramp ups in refinery utilisation in Q3, Argus said.
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