World News
Another Iranian Crude Shipment Heads to South Korea
Transmissions captured by IHS Inc. (IHS) indicate a very large crude carrier (VLCC) owned by National Iranian Tanker Co. (NITC) is heading to South Korea's Daesan port, Bloomberg reports.
The Motion, with a capacity of 2 million barrels, left the Persian Gulf port of Kharg Island on Monday November 5, 2012 signalling for Daesan on South Korea's west coast where Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery.
In early October Ship & Bunker reported the same journey was also made last month by NITC's The Brawny, now known as The Marigold.
SK Innovation Co. also received a shipment of Iranian oil last month, with a spokesman at South Korea's largest refiner, Yoo Jung Min, saying it was received on October 2, 2012 in Ulsan.
South Korea is one of 20 countries who have secured a renewable 180 day waiver from U.S. sanctions meaning it is able to buy oil and petroleum products from the Islamic Republic without risk of the U.S. levelling sanctions against it.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 530.00 | 2.00 | 619.00 | 4.00 |
| Rotterdam | 470.00 | 2.50 | 626.00 | 3.00 |
| Houston | 465.50 | 4.00 | 624.00 | 3.00 |
| Fujairah | 507.00 | 12.50 | 713.50 | 11.50 |
| Global 20 Ports Average | 540.00 | 0.00 | 723.00 | 4.50 |
| Global 4 Ports Average | 493.00 | 5.50 | 645.50 | 4.00 |
| Global Average Bunker Price | 574.50 | 1.50 | 762.00 | 3.00 |
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