Global base oils – week of Dec 18: Cargo flows

·        Singapore takes delivery of almost no cargoes last week amid ongoing pause in shipments from Japan, slowdown in shipments from China.

·        Large cargo from Italy scheduled to reach Singapore in coming week.

·        Shipment would be first from Europe to Singapore in almost two months.

·        Group II cargo with close to 6,000t of light and heavy grades loads from Taiwan in recent days.

·        Cargo is second to load from Taiwan in a week; the first cargo moved to China.

·        Pick-up in cargo flows coincides with expected restart of Taiwan’s Group II base oils unit after two-month shutdown for maintenance.

·        Large cargo loads from South Korea in 1H Dec 2023, set to reach US West coast by end-Dec 2023.

·        Cargo adds to swathe of shipments from South Korea set to reach US in Dec 2023.

·        Large volume of cargoes from South Korea set to reach India in Dec 2023, adding to pick-up in flows to India in Oct and Nov 2023.

·        Cargo with combination of Group I/II base oils from Saudi Arabia set to reach India in coming week.

·        Two cargoes from Saudi Arabia scheduled to reach US Gulf coast in early Jan 2024.

·        Shipments add to signs of pick-up in cargo-loadings from Saudi Arabia in Dec 2023 vs previous month.

·        Large cargo of Group III base oils from UAE scheduled to reach US Gulf coast in early Jan 2024.

·        Cargo of Group III base oils from Bahrain scheduled to reach northwest Europe in coming days.

·        Cargo loads from US in past week before heading to northwest Europe, set to arrive in early Jan 2024.

·        Cargo of Group II base oils from US set to reach South Africa in coming days.

·        Cargo of Group II base oils from US reaches India in recent days.