Vlcc rush as fuel oil heads east

摘要

January long-haul fuel oil exports from European and Mediterranean ports hit 67,100 t/d, up by 13pc on December. A rush of very large crude carrier (VLCC) cargoes heading to Singapore offset a collapse in westbound shipments. Eastbound deliveries almost dou- bled to 61,800 t/d as oversupply in northwest Europe forced product else- where. This year’s tighter 0.1pc sulphur emission limit imposed on vessels in the North Sea, English Channel and Baltic Sea has shifted a large segment of bunker demand from low-sulphur fuel oil into marine gasoil (MGO), leaving surplus fuel oil supplies in Rotterdam. Four fuel oil cargoes were sent from Rotterdam to Singapore on VLCCs in January as a result, up from two in December, and at least two more are expected to leave in February.