Pace of eastbound fuel oil exports slows

摘要

Firm Asia-Pacific demand continued to pull fuel oil east of Suez, but the pace of loadings slowed. Long-haul eastbound export economics were largely unviable for European naphtha. Fuel oil margins fell in northwest Europe, as the pace of long-haul exports to Asia-Pacific slowed, amid steady arrivals in the region from Baltic ports. No new very large crude carriers were booked on the Rotterdam-Singapore route, with fuel oil exporters preferring smaller Suezmax tankers. Azerbaijan’s state-owned Socar provisionally booked the Maran Hermione to load 130,000t of fuel oil at Lithuania’s Klaipeda port on 2 September for Fujairah or Singapore, while trading firm Septo chartered the Eurohope to load 130,000t for Singapore offshore Malta on 30 August. RMG fuel oil barges’ discount to Russian Urals crude widened by $1.07/bl on the week to $9.61/bl on 29 August.