Singapore’s base oils exports rebounded in September, coinciding with the official start-up of a new base oils unit in the island-state.The rise in exports coincided with a surge in imports to a four-year high on the back of a jump in shipments from Europe and US.The surge in imports during the third quarter of the year helped to cushion the size of a slowdown in Singapore’s base oils exports in July and August, when the new unit was being started.That pick-up in imports, and especially the wave of shipments from US and Europe, could now start to ebb following the start-up of the new Group II unit.Singapore’s total base oils exports rose to 188,000 tonnes in September, government data showed..Exports rose from lower-than-usual levels of less than 160,000 tonnes in August and less than 145,000 tonnes in July.Exports rebounded in September on the back of a rise in shipments from domestic refiners to a six-month high.Shipments of supplies that originated from overseas markets accounted for a larger-than-usual share of Singapore’s total exports in the first eight months of the year.That share then fell in September to its lowest level this year..This year’s larger-than-usual volume of exports originating from other markets could now extend its fall following the start-up of the new unit in Singapore.Any such slowdown could trigger a fall in the island-state’s base oils imports.Any such fall in shipments would be from a high level.Total imports of more than 100,000 tonnes in September were the highest since June 2021.The September volume rose from already-high levels of close to or more than 70,000 tonnes during the previous two months.Shipments from Europe and the US accounted for an unusually large portion of those imports in September and throughout this year.Their large share of shipments would magnify the impact on those markets of any subsequent slowdown in Singapore’s base oils imports..ExxonMobil ships Group II base stocks from new Singapore units.ExxonMobil starts first-of-its-kind technology in Singapore.Base Oil News stories and analysis also available on ICIS platform
