World News
Two VLCCs Making Surprise Fuel Oil Shipment to Singapore
Amid Venezuela's continuing economic deterioration, and in what has been called a "surprise move," two very large crude carriers (VLCCs) have departed Petróleos de Venezuela, S.A.'s (PDVSA's) Bonaire Terminal fully laden with fuel oil cargoes bound for Singapore, Reuters reports.
Data from Thomson Reuters Eikon shows that New Dream and Britanis were each carrying 270,000 tonnes of fuel oil, chartered by PetroChina Company Limited (PetroChina) and Trafigura Beheer BV (Trafigura), respectively.
Fuel exports from Venezuela to Singapore are said to have been irregular since the start of the year, although Singapore is noted to have taken delivery of 997,000 tonnes over the past three weeks from Venezuela, with the most recent shipment expected to help ease a tight market.
Data from International Enterprise (IE) Singapore shows that in the week to June 29, Singapore's net fuel oil imports had reached an 8-week high of 1.14 million tonnes, 563,000 tonnes of which cam from Venezuela.
Further IE Singapore data suggest that between early June and early August at least 1.5 million tonnes is set to arrive in Singapore from Venezuela.
Traders say the influx of Venezuelan imports have surprised some, with one Singapore-based trader noting that the increase may "explain why time spreads got hammered at the end of June and beginning of July."
New Dream is said to be slated for arrival in Singapore on July 8, while Britanis is expected to arrive August 1.
Last week, Ship & Bunker reported that, despite a display of optimism from Venezuelan officials that oil production will soon increase dramatically, Baker Hughes data revealed that the number of oil rigs in the republic in fact fell from 69 to 59 in May.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
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| Rotterdam | 602.50 | 1.00 | 762.00 | 2.50 |
| Houston | 630.50 | 4.00 | 796.50 | 2.50 |
| Fujairah | 648.50 | 0.50 | 900.00 | 4.50 |
| Global 20 Ports Average | 666.00 | 2.00 | 856.00 | 1.00 |
| Global 4 Ports Average | 632.50 | 0.50 | 807.00 | 1.00 |
| Global Average Bunker Price | 715.50 | 1.00 | 893.00 | 8.00 |
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