Global base oils – week of Oct 30: Cargo flows

·        Singapore takes delivery of rare shipment from Italy in past week.

·        Singapore last took delivery of cargo from Italy more than two years ago.

·        Another cargo of Group I base oils loads from Italy at end-Oct 2023 before heading to southeast Asia, set to arrive around mid-Nov 2023.

·        Singapore takes delivery of more supplies from US in past week.

·        Singapore’s base oils imports from US in October likely to be largest in more than two years.

·        Singapore takes delivery of largest weekly shipment from China in past week in more than a year.

·        Slump in shipments from Taiwan continues to end-Oct 2023 as plant maintenance work cuts supply.

·        Arrival in US of cargoes from South Korea shows signs of slipping in Nov 2023 from Oct 2023, holding firmer than in Aug 2023.  

·        Cargo from South Korea set to reach Turkey in 1H Nov 2023.

·        Cargo of Group III base oils from Indonesia set to reach northwest Europe at start of this week.

·        Large cargo loads from Saudi Arabia in past week, set to reach India in early Nov 2023.

·        Cargo of Group III base oils loads from Bahrain in 2H Oct 2023, set to reach northwest Europe in 2H Nov 2023.

·        Cargo of Group III base oils from Bahrain set to reach US Gulf coast in coming week.

·        Large cargo of Group III base oils loads from UAE in mid-Oct 2023, likely bound for US.

·        Large cargo of premium-grade base oils loads from Spain at end of last week before heading to northwest Europe.

·        Another end-Oct 2023 cargo from Spain likely to move to India.

·        Even with the shipments, premium-grade exports from Spain show signs of falling in Oct 2023 from previous month.