Global base oils - week of Aug 14: Cargo flows

·        Singapore takes delivery last week of cargo from US – shipment is largest from that market in more than a year.

·        Singapore takes delivery last week of first shipment from Saudi Arabia in more than a month.

·        Surge in shipments from Taiwan continues for second week in August, especially for light grades.

·        Shipments from Taiwan in 1H Aug 2023 likely to be similar to or higher than total July 2023 volume.

·        Shipments from Taiwan in 1H Aug 2023 include large cargo to India, set to arrive in late August 2023.

·        Cargo loads from South Korea at end-June, reaches southern Europe in past week.

·        Cargo, likely of Group II base oils, loads from South Korea in early July, reaches UAE in recent days.

·        Large cargo of Group III base oils loads from UAE in past week, set to reach India this week.

·        Cargo of Group III base oils loads from Bahrain in late July, set to reach northwest Europe in 2H August.

·        Cargo of Group III base oils loads from Bahrain in mid-July, set to reach US Gulf coast in 2H August.

·        Large cargo of Group I and Group II base oils loads from Saudi Arabia in early August, set to reach India this week.

·        Cargo of Group II base oils loads from China at end-July, adds Group II base oils from Taiwan in early August, set to reach India in 2H August.

·        Large cargo, likely of N70, loads from Spain in early August, set to reach India at end-August.

·        Large cargo, likely of Group II base oils, loads from US west coast in late July, set to reach northwest Europe in 2H August.

·        Cargo follows pause in shipments from US west coast to northwest Europe in June.

·        Cargo, likely of Group II base oils, loads from US in 2H July, reaches Nigeria at end of last week.

·        Shipment would be second to reach Nigeria last week – in additional to arrival of cargo from northwest Europe.

·        Another cargo from northwest Europe set to reach Nigeria in 2H August.

·        Cargo, likely of Group II base oils, loads from US Gulf coast at end-June, set to reach India this week.

·        Cargo from US Gulf coast loads from US in 2H July, reaches northwest Europe in 1H August.

·        Cargo from US Gulf coast set to reach Turkey next week.