Market Eye: Shipping Boom Dents Fuel Oil Arbitrage

摘要

An acute shortage of freight is hampering Europe's structural high-sulfur fuel oil arbitrage to the Asia-Pacif ic region. Traders count just two very large crude carriers (VLCCs) loading in Rotterdam for Singapore this month, in the hands of US major ConocoPhillips and Russian trader Gunvor, plus a handful of smaller Suezmaxes barely totaling 800,000 metric tons.