Fuel oil exports east slow

摘要

1. Interest in taking high-sulphur fuel oil east from northwest Europe and the Baltic has slowed, as freight rates rise. Diesel margins weakened on growing oversupply, while eastbound spot naphtha exports were limited. 2. Fuel oil export interest from Baltic ports and northwest Europe to Asia-Pacific has slowed - large quantities were booked in recent weeks, which drove up VLCC rates. Over 2mn t was booked from Rotterdam to Singapore for November, up from 1mn t/month in September-October. Rotterdam's higher-viscosity, higher density high-sulphur RMK market is tight, following the large export bookings.