Cargo Flows

Global base oils cargo flows: Week of March 18

Iain Pocock

·        Taiwan’s base oils exports show signs of reviving in H2 March 2024 after staying unusually low in H1 March 2024.

·        Singapore takes delivery of unusually large shipment from Hong Kong last week.

·        Hong Kong is major distribution hub for Group III+ base oils from Mideast Gulf.

·        Singapore takes delivery of large cargo from US last week.

·        Wave of February-loading shipments from South Korea start to reach UAE in past week and coming week.

·        Several large cargoes from South Korea set to reach US Gulf coast this week.

·        Cargo of Group III base oils loads from Indonesia in early March 2024, set to reach northwest Europe in about a months’ time, after traveling via southern Africa.

·        Cargo of Group I base oils loads from Saudi Arabia in H1 February 2024, set to reach India by end-March 2024 after travelling via west Africa.

·        Cargo loads from Saudi Arabia in past week before heading to India, set to arrive in coming week.

·        Cargo loads from Saudi Arabia at end-Feb 2024, reaches UAE in past week after traveling via Red Sea.

·        Shipments suggest some cargoes are reverting to traveling via Red Sea to destinations like India.

·        Cargo of Group III base oils loads from UAE last week, set to reach India in coming week.

·        Cargo of Group III base oils loads from Bahrain in H1 March, set to reach southern Africa in late-March 2024; final destination unclear.

·        Large cargo loads from northwest Europe in mid-March 2024, with final destination unclear.

·        Several cargoes load from US Gulf coast at end-February 2024/H1 March 2024, set to reach South Africa in H1 April 2024.

·        Cargo of Group II base oils of US origin set to reach South Africa this week.

·        Cargo of Group I base oils from Italy set to reach southeast Asia this week, after setting off in H1 January 2024.

·        Cargo loads from northwest Europe in H1 February 2024, reaches Nigeria around mid-March 2024.

Pakistan’s May base oils supply slips

Taiwan’s June base oils exports hold firm

US’ May base oils exports to Europe rise

Asia’s May lube demand falls

US’ May base oils imports fall