rss icon Subscribe
desktop mobile

W. Africa Crude-Buyers Wary as Freight Rates Weigh

AdobeStock / © Jose Gill

Sellers returned to the window on Monday to entice buyers spooked by high freight rates due to Washington's sanctions on subsidiaries of a major Chinese shipping firm at the end of September.

Long-haul rates to Asia have risen sharply prompting refiners to shed some cargoes.

China's Unipec offered four cargoes in the window for a third session all November loading on a fob basis. These were Angolan Saturno at dated Brent plus 35 cents, Dalia at dated Brent plus $1.90, Mostarda at dated Brent minus 5 cents and a
cargo of Equatorial Guinean crude.

Angolan state oil company Sonangol was still offering for cargoes of November-loading Cabinda at a premium of $3.10 compared to dated Brent, Dalia at $2.80 and Gindungo at $1.60.

Vitol offered a cargo of Forcados at dated Brent plus $4.70 on a delivered basis to Rotterdam for Nov. 15-20 arrival.

Trafigura also offered a cargo of Forcados at dated Brent plus $2.70 loading Nov. 10-15.

TENDERS
Tenders by India's IOC for two cargoes of West African crude for November closed, but the winners did not immediately emerge.

Turkey's Tupras issued a buy tender for Bonny Light, Forcados, Jones Creek or other similar grades for Nov. 25 to Dec. 10. It closes on Oct. 8.

India's IOC issued a new tender for west African crude loading Nov. 24 to Dec. 3 closing later this week.

Reporting By Julia Payne

Oct 7, 2019

 

Contracts

Radio Holland Renews MSA with Jumbo

Photo: Jumbo Shipping

Jumbo Shipping has renewed its MSA (Managed Service Agreement) contracts with Radio Holland

Five Coastal Ferries for Zanzibar

Photo: Damen

Damen Shipyards signed a contract with the Ministry of Infrastructure, Communications & Transport

Scorpio Bulkers to Sell, Leaseback 3 Bulkers

Image: Scorpio Bulkers Inc.

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has agreed to sell

Tankers

Wärtsilä's LFSS Undergoes Engine Testing

Photo: Wärtsilä

Wärtsilä’s liquefied petroleum gas (LPG) Fuel Supply System (LFSS) has completed full scale

COVID-19 Could Impact Indian Shipping

Image: Jawaharlal Nehru Port Container Terminal (JNPCT)

India’s shipping and ports industry is likely to be negatively impacted by the outbreak of

LNG Storage Tank Market to Reach $17.5Bn by 2025

Image: Linde Plc

LNG storage tank market is expected to grow from USD 12.5 billion in 2020 to USD 17.

Maritime Apps