Free Trial

Europe-Bound VLCCs to Stop-Off in Offshore Lome: Argus

OIL PRODUCTS

Several VLCCs carrying diesel from the Middle East to Europe may discharge part of their cargoes in WAF, Argus said.

  • Four VLCCs are heading on route around the Cape of Good Hope, with the charterers capitalising on a seasonal slide in VLCC rates and shouldering the cost of cleaning tankers so they can carry diesel.
  • The Plata Glory will undertake an STS off WAF. It is loaded with 270k mt of gasoil and is set to arrive in Le Havre on July 31.
  • It will later be joined in WAF by the KHK Empress, due to deliver 280k mt of ULSD and clean products to West of Suez Aug. 15.
  • The arrival of gasoil would temporarily pressure prices in offshore Lome, which would also likely pressure diesel prices in the Mediterranean.
  • The prospect of arrivals in offshore Lome comes are the new 650k b/d Dangote refinery appears to be meeting most of the needs of the Nigerian market, while also exporting to WAF.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.