EMEA News
Reports: "Good Bunker Fuel Demand" Sees Monjasa Make Rare Suezmax Fuel Oil Fix on Rotterdam-WAF Route
Monjasa Group (Monjasa) has fully fixed a Suezmax carrying 130,000 metric tonnes (mt) of fuel oil on a Rotterdam to Dakar route with a second discharge in to the port of Lome for July 5 loading dates, Platts reports.
The vessel was most likely carrying bunker fuel and possibility of a part cargo of fuel oil to be used for utility purposes and power generation, said traders.
Traders have also said that while it is normal to see up to 100,000 mt of fuel oil per month being imported into WAF on small ships, the fixture's size and two port discharge made it unusual and could indicate a possible shortage in the region's bunker or fuel oil markets.
"There is good bunker fuel demand in Dakar," said a West African based trader.
"There was also news of a recent tender for fuel oil in Ivory Coast, so it could even be related to that."
The trader also added that this trend has been seen in summer months when a tighter Mediterranean market sees the region replaced by Northwest Europe as a supplier of fuel oil to West Africa.
"The Med usually tightens up in the summer and West Africa often gets supply from NWE," he said.
Some traders speculated such fixtures could become a more regular occurrence as a similar fixture was made earlier in the year on the same Rotterdam to Dakar/Lome voyage for February 27 loading dates.
On Tuesday, Monjasa announced it has nearly doubled its existing credit facilities, a move it says gives a "vote of confidence in the bunkering industry."
