Kpler Crude Oil (Low floating storage in North Sea)

Originally Released on 9 March 2017

Floating storage
North SeaFloating storage in the North Sea remained low compared to previous weeks. Our data shows that only 2 vessels are waiting as floating storage in the North Sea:

  • VLCC Trikwong Venture and Aframax Primero which loaded at Hound Point on Feb.23 and Jan.24 respectively.
  • Trikwong Venture is waiting in Dumbarton Bay. She was expected to head towards South Korea, chartered by Trafigura.
  • Primero has not signaled any destination, but moved recently towards continental Europe where she might be waiting to discharge.
  • British Robin loaded Ekofisk in Teesside on Mar.4 and has been waiting since without signaling any destination.  She is not counted in our values of floating storage since she has been waiting for less than 10 days.
North Sea floating storage: Trikwong Venture (left) and Primero (right)

Trikwong Venture and Primero added volumes reach 2.6 million barrels of  Forties floating storage in the North Sea, far from the values observed early Feb (around 6-7 mmbbls) and December which attained 12 million barrels. Below, our daily floating floating storage since Dec.10:

WAF

WAF floating storage remained close to the same levels observed over the last 2 months, around 4 million barrels. However, we saw seen some movement concerning WAF grades clearing from storage:

  • VLCC Millennium left Cape Verde where she had been waiting since November 2016. She received 2 million barrels of Qua Iboe from C. Prosperity on on Nov.7 via ship-to-ship at Lome anchorage. She signaled Finnart ETA Mar.10.
  • Qua Iboe cargos were said to be offered with Saldanha terminal as loading point. According to our data, this terminal received 8 Suezmax shipments of Qua Iboe in 2016:
Qua Iboe shipment to Saldhanha terminal
  • VLCC Kondor, which is ballast, signaled Saldanha ETA Mar.9 but might be heading towards another destination:

Interesting moves

VLCC Universal Brave loaded 2 million barrels of Yemenite crude oil at Ash Shihr on Feb.24.  It is the first large shipment since November 2016. She is heading towards Asia  chartered by ST Shipping & Transport.

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