Iran's fuel oil exports to East Asia this month will likely top 500,000 tons counting a fuel oil-laden supertanker that National Iranian Oil Company is due to ship to Singapore, traders said Thursday.
Iran
's
fuel oil exports to
East Asia
this month will likely top
500,000 tons counting a fuel oil-laden supertanker that National Iranian Oil
Company is due to ship to
Singapore
,
traders said Thursday.
The very large crude carrier Nesa, from Iran's shipping fleet, is heading to
Singapore with 300,000 tons of fuel oil aboard and is likely to land here in
the middle of the month, said a trader familiar with the matter. The ship will
likely carry 200,000 tons of 280-cst straight-run fuel oil from Bandar Mahshahr
and 100,000 tons of cracked 380-cst HSFO from the Bandar Abbas.
It will be the second VLCC to arrive in the Singapore-Malaysia fuel oil hub
this year, after NIOC shipped 280,000 tons of fuel oil on VLCC Hamoon in March,
with that cargo likely having been bought by Vitol.
It isn't clear if the May cargo has already been sold. "We'll have to see
the values; everyone will try to low-ball," the trader said.
Western sanctions against
Iran
's
nuclear program have driven away many of NIOC's usual fuel oil buyers forcing
it to store the barrels in tankers and ship them to the
Singapore
market, the world's largest bunker port.
Besides Nesa, two more Aframax's have been booked--one each by Vitol and
Tianbao--to pick up a total of 160,000 tons of fuel oil from Bandar Mahshahr in
May, while a third is likely to be booked by Kuo Oil.
Tianbao is due to take the cargo to
China
,
while Vitol's shipment is likely to land in
Singapore
.
Increased fuel oil exports from
Iran
are
likely to undermine fundamentals in the East Asian market, with arbitrage
inflows from the West set to jump to more than 4.50 million tons this month.
Besides the estimated 540,000 tons of fuel oil from
Iran
, at
least four more fuel oil cargoes totalling about 330,000 tons, originating from
the
Middle East
, have so far been booked to head to
Singapore
. Traders
say an oversupplied
Fujairah
market will likely drive even
more cargoes this way.
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