Global base oils - week of Jan 30: Cargo flows

·        Singapore’s base oils exports to China extend rise in 2H January, contrast with lower volumes to SE Asia in January.

·        Singapore’s base oils imports from Japan last week rise to three-month high.

·        Singapore’s four-week average imports from Japan rise to seven-month high of more than 27,000t.

·        Rise in shipments from Japan contrasts with sustained slowdown in last four months of 2022.

·        Unusually large cargo with more than 10,000t of combination of grades loads from Taiwan at end of last week. Shipment bound for Singapore. Size of shipment suggests cargo will then head on to market like India.

·        Cargo with more than 5,000t of light and heavy grades from Taiwan set to reach Indonesia in early February.

·        Shipments boost Taiwan’s total January exports well above December levels.

·        Less than half of Taiwan’s January shipments move to China; most of Taiwan’s December shipments moved to China.

·        Slowdown in shipments from Taiwan to China coincides with lunar new year holidays, set to leave importers with lower stocks.

·        Cargo of premium grades from UAE set to reach China in early February.

·        Cargo loads from Malaysia in 2H January, set to reach east India this week.

·        Large cargo loads from northwest Europe in late January, scheduled to reach US Gulf coast in mid-February.

·        Large cargo loads from Kaliningrad last week, scheduled to reach Turkey in 1H February.

·        Large cargo from Spain loads in 2H January, picks up additional supplies in Italy before heading towards Suez Canal.

·        Large cargo loads from Saudi Arabia in 2H January, reaches Egypt end of last week. 

·        Cargo of premium grades from UAE loads at end-December, set to reach Spain at end-January.

·        Premium-grade cargo from Bahrain loads at end-January – third this month.

·        10,000t cargo loads from Greece in early January, reaches Nigeria at start of this week.

·        Large cargo loads from Baltic market at end-December, reaches Nigeria at end of last week.

·        Large cargo loads from Italy at end-December, reaches Nigeria at start of this week.