rss icon Subscribe
desktop mobile

West Africa Crude-Freight Rates Ease

AdobeStock / © Kasto

Freight rates to Europe and Asia have continued to ease, albeit at a less rapid rate than during the middle of the month, boosting price offerings for West African grades, traders said on Monday.

Rates for VLCCs from Nigeria's Bonny Light terminal to Singapore settled at $3.25 a barrel on Friday from highs just below $10 two weeks earlier, according to Refinitiv data, while for Rotterdam they eased to $2.72 from a high above $5.

Rates for key Angolan grade Girassol aboard a VLCC bound for China plunged to $3.84 a barrel from highs of $11.39. Traders said Girassol was being offered at a premium of around $2 compared to dated Brent, back in line with better trading months and a sign of perceived higher buyer interest.

Still, freight rates for major routes appeared to ease at a less steep rate than the previous week, suggesting the market has not yet fully recovered from the impact of U.S. sanctions on a Chinese shipping fleet, which caused the price spike.

A trader said no December export schedule had yet been released for Nigeria's Erha stream, usually a producer of 5-6 cargoes, amid reports of an outage for maintenance. Angola's November export schedule had just about sold out after yet another extended overhang of barrels into the new
trading month.

Reporting by Noah Browning

Oct 28, 2019

 

Contracts

Port of Aarhus Orders New Tug from Uzmar

(Photo: Uzmar)

The Port of Aarhus and UZMAR Shipyard connected May 29 via video conference to finalize a contract

Russian JV Orders Walk-to-work Icebreaker

(Image: Royal Niestern Sander)

After a tender procedure, Dutch shipyard Royal Niestern Sander and a joint-venture between

EPS Orders Gas Carrier Trio from Hyundai Mipo Dockyard

© ilkercelik / Adobe Stock

South Korean shipbuilder Hyundai Mipo Dockyard has secured an order for three medium sized gas

Tankers

Chevron Oil Cargo Tangled in US' Venezuela Sanctions

© Vasilis Thomaidis / MarineTraffic.com

Chevron Corp crude oil cargo has become embroiled in U.S. sanctions on shipping companies for

ABB Provides Remote Support During Record NSR Voyage

Icebreaking LNG carrier Christophe de Margerie (Photo: ABB)

ABB has signed a contract to support icebreaking LNG carrier Christophe de Margerie with remote

Ships Carrying Stored Gasoline to Discharge Cargoes in Indonesia

Sloane Square - Image by Peter Ward/MarineTraffic

Two of six tankers used to store gasoline in Asia have arrived in Indonesia, with shipments into

Maritime Apps