Spain’s Sept Cartagena exports rise

Exports of premium-grade base oils from the Spanish port of Cartagena held firm in September, sustaining unusually high volumes for more than a year.

The rise in shipments boosted supplies in the European market and curbed the region’s requirements for premium-grade shipments from other regions like Mideast Gulf.

Exports of more than 54,000t in September rose from less than 37,000t the previous month, according to Port Authority of Cartagena (PAC) data.

The rise in shipments lifted total exports to more than 412,000t in the first nine months of the year.

The volume was up more than 30pc from 313,300t during the same period last year.

Base oils exports were lower last year because of plant maintenance in the first half of the year. The maintenance included expansion of premium-grade production capacity in Spain.

This year’s sustained increase in shipments coincided with a rise in base oils exports from Finland.

That country is also a key producer of Group III base oils.

The more plentiful regional availability covered more of Europe’s premium-grade base oils requirements. The trend in turn cut demand for supplies from other markets.

Europe’s imports of premium-grade base oils from the Mideast Gulf fell by 33pc in the first seven months of the year.

South Korea’s base oils exports to the Netherlands and Belgium combined fell by almost 30pc in the first eight months of the year.

Europe’s recovery in lube consumption was also smaller and shorter than expected following the removal of pandemic-related restrictions earlier in the year.

Europe’s Group III base oils prices strengthened in recent months relative to Group I base oils amid plant maintenance work in Finland and the Mideast Gulf.

But the Group III price premium to Group I base oils remained much lower than last year’s levels.