Global base oils – week of Jan 16: Cargo flows

·        Singapore’s base oils exports surge last week to highest in a month.

·        Singapore last week moves largest shipment to Japan in years.

·        Singapore’s re-exports rise last week to highest in more than ten months.

·        Rise in re-exports follows delivery of large volume of supplies from Netherlands in November and December.

·        Singapore sees pause in shipment arrivals from China last week for first time in more than a month.

·        Taiwan’s 1H January base oils shipments stay lower than usual, suggesting similar or steeper slowdown vs its December exports.

·        At least four cargoes set to reach Nigeria in 2H January, originating from northern Europe, northwest Europe and Mediterranean market.

·        Large cargo from South Korea, likely of Group III base oils, heads for Panama.

·        Two cargoes set off from Bahrain in first ten days of January, following wave of shipments in December.

·        Several December-loading cargoes from Bahrain scheduled to reach northwest Europe in 2H January.

·        December-loading cargo from Bahrain scheduled to reach US this week.

·        Cargo from Saudi Arabia set to reach Turkey in mid-January.

·        Cargo from UAE, likely of premium grades, reaches India in mid-January.

·        Another cargo from UAE already reached west-coast India in early January with term volumes, before continuing on to east-coast India.

·        Signs of pick-up in shipments from Saudi Arabia to India in January vs December volumes.