US shipments head for Africa, India

More US arbitrage cargoes set off for Nigeria and India in first-half June, extending a wave of shipments to both markets in recent months to clear a lingering overhang of surplus supplies.

A large cargo loaded in the past week from the US Gulf coast before heading to Nigeria. It is expected to reach Lagos in early July. The shipment likely consisted of Group II base oils.

An even larger cargo loaded from the US Gulf coast several days earlier, before setting off for India.

The shipment, also likely consisting of Group II base oils, is expected to arrive in first-half July.

Another cargo set sail from the US Gulf coast around the same time bound for South Africa.

The arrival of the shipments at the start of the third quarter of the year would coincide with a seasonal slowdown in demand in the destination markets.