The first VLCC to be fixed to take Forties to the Far East in March has been booked by Trafigura, shipping and trading sources said.
Trafigura was heard to have fully fixed the Trickwong Venture at a $5 million lump sum for a Hound Point-South Korea voyage with a March 1-5 lay can.
According to Platts trade flow software cFlow the vessel is currently steaming West through the Mediterranean with an iDestination of Hound Point.
A trader at Trafigura declined to comment on the fixture.
According to Platts tracking of North Sea physical cargoes, Trafigura currently holds three of the first four March Forties cargoes.
Traders said arbitrage economics currently supported the movement of Brent-related crudes to Asia, with an increasingly narrow Brent-Dubai EFS.
The April EFS was assessed at $1.37/b in London Monday, but traders said it had tightened in early Tuesday trading. “The EFS has been getting hammered. April is trading at $1.27/b today,” said a trader.
The narrowing in the Brent-Dubai spread in recent weeks has been largely attributed to the recent OPEC production cut.
“Dubai has really risen. Dubai spreads are close to flat for the first couple of months. We have had the OPEC cut and there is good demand in Asia,” said the trader.
Source: PlattsPrevious Next
2018 is Likely To Be The Best Growth Year Since 2011:Mr Vishavdeep Gautam, C O O , WOMAR Logistics
India Tanker Shipping Trade Summit 2018