Unipec to Ship Libyan Bu Attifel Crude to Asia

Unipec, in a rare move, is sending a VLCC loaded with Libyan Bu Attifel crude to Asia, according to traders and shipping data from LSEG and Kpler, while the grade is usually shipped to Europe.

• This move was likely due to a jump in freight rates for smaller tankers following the Red Sea shipping crisis, one of the traders said.
• Unipec chartered in January the VLCC Cyan Nova for $8.75-$9.75 million to load crude from Malta to Singapore or China in February, data from LSEG and a shipbroking firm showed.
• Cyan Nova conducted STS transfers off Malta with Aframax-sized tankers Calypso, Rava and Green Azure to receive Bu Attifel crude, Kpler data showed.
• The three smaller tankers loaded their cargoes in Libya in February, the data showed.
• Cyan Nova is expected to take the Cape of Good Hope route and discharge its cargoes in Asia in May, another source said.
• The Cyan Nova is currently headed for Gibraltar with arrival on 20 March according to Bloomberg ship tracking.
• Unipec has since sold 1mn barrels of the oil to Vietnam's Binh Son refinery for May delivery and another 400k barrels to Thai refiner Bangchak Petroleum, a second source added. It is unclear if the remaining 500k barrels have been sold.