World News
South Korea to Stop Iranian Crude Imports
South Korea has said it will stop imports of Iranian crude oil from July 1st, 2012 when sanctions come into effect meaning ships carrying Iranian oil, as either fuel or cargoes, will lose their P&I Cover from European companies, who cover about 90% of the world's tankers.
The decision makes South Korea, who is Iran's fourth-largest customer after India, and neighbours China and Japan, the first Asian country to do so.
Local players speaking to Ship & Bunker said the move would not impact the supply or price of local bunkers.
A spokesperson for South Korea's Ministry of Knowledge Economy told British news agency the BBC that "South Korea was not in a position to continue importing oil from Tehran."
Seoul has said it is replacing the shortfall in imports from sources including Kuwait, Iraq, and Qatar, which according to U.S. Department of Energy and U.S. Energy Information Administration figures is approximately 240,000 barrels per day from total imports of 2.17 million barrels per day.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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