Singapore’s base oils exports rose to a seven-month high in February amid higher-than-usual flows to India and a rebound in shipments to southeast Asia.The rise in shipments showed signs of extending through the month of March, especially to southeast Asia.The rise in exports helped to boost blenders’ stocks ahead of and during a seasonal rise in lube consumption at the end of the first quarter.The pick-up in shipments also helped to cushion the impact of plant maintenance work in India and South Korea.Southeast Asia and India’s rising share of supplies originating from Singapore also boosted the island-state’s competitive position ahead of a further rise in Asia’s base oils production capacity over the coming year.Singapore’s base oils exports of 183,000 tonnes in February rose from 150,000 tonnes the previous month to the highest since last July, government data showed.Exports of 81,000 tonnes to southeast Asia in February were the highest to the region in seven months.The volume exceeded South Korea’s base oils exports to southeast Asia in February and left the two countries’ total shipment volume to the region almost the same in the first two months of the year.The dynamic extended a similar trend during the second half of last year.It contrasted with the first half of last year when South Korea’s base oils exports to southeast Asia far exceeded Singapore’s shipments to the region.Singapore’s growing exports to southeast Asia and its rising share of the region’s supply preceded a surge in base oils production capacity in the island-state and in India later this year.The rising production capacity boosted the importance of lining up outlets for the supplies.India’s own rising production capacity could curb the size of any pick-up in that market’s requirements.The dynamic left southeast Asia an increasingly key outlet for supplies from Asia's refiners..S Korea’s Feb base oils exports rebound.Taiwan's Feb base oils exports rise
