Global Base Oils Cargo Flows: Week To 27 March

Asia

·         Several more Group II cargoes loaded from Taiwan before heading to Southeast Asia.

·         The pick-up in shipments in second-half March lifted total exports above typical monthly levels. 

·         The rise contrasted with a slump in Singapore’s exports in the past week.

·         Singapore took delivery in the past week of a cargo from UK, the first shipment from that market this year and the first from Europe in almost two months.

Middle East

·         Cargo loaded from Saudi Arabia in recent days before heading to India, set to arrive in early April.

·         A large cargo was scheduled to load from Saudi Arabia in the coming days, with the size of the shipment pointing to India as the likely destination.

·         Cargo of Group III base oils loaded from the UAE in second-half February before heading to the US Gulf coast, via the Red Sea, set to arrive in the coming days.

·         Cargo of Group III base oils loaded from Qatar around mid-February before heading to the US Gulf coast, arrived at the end of this week.

Europe

·         Several cargoes of premium-grade base oils loaded from Spain, including a large shipment bound for northwest Europe that was set to arrive in the coming days.

·         March-loading volumes from Spain were so far similar to the February total and the highest in five months.

Americas

·         Large cargo loaded from the US Gulf coast in the past week before heading to South Africa, set to arrive in about a month.

·         The size of the shipment suggested the cargo was then likely to continue on to other markets such as India or Pakistan.

·         Cargo loaded from US east coast in recent days before heading to Nigeria, set to arrive around mid-April.