Originally Released on 17 January 2017
Japan official statistics:
Japanese Ministry of Economy, Trade and Industry (METI) released recently the total imports of crude oil for November 2016. The report shows that Japan imported 3140 kbd of crude oil, which is 50 kbd below Kpler’s figure that has been released weeks ago. As shown below, Japanese imports also increased in December reaching 3458 kbd.
Last year we saw a stocks build up in many on-shore terminals and floating storage zones:
- In Asia, Saudi Aramco is able to store up to 6.3 million barrels in Okinawa terminal in exchange of prioritizing Japan for crude deliveries in emergency cases. The site is strategically located in the East China Sea and supplies crude to China, Japan and South Korea.
Okinawa terminal has received 4 VLCC’s carrying Arab grades and 2 Afras since the beginning of 2016, which totals 9.3 million barrels imported:
- 3 VLCC from Juaymah: Xin Xia Yang, Alexander the Great and Wedyan on Mar-22, Apr-22 and May-30 respectevely.
- The last VLCC Khuzama delivered her cargo on Jul-17 after loading in Ras Tanura.
- The 2 Aframax discharged ESPO from Kozmino and crude coming from Kiire.
On the other hand, the terminal exported 3 VLCC’s (1 partially loaded) and 1 Aframax. Exports reached 5.7 million barrels in 2016 which implies an increase in storage of 3.6 million barrels.
- In Europe, Trafigura’s Milford Haven received 4 US crude vessels in 2016, and delivered 3 shipments:
- Aframax Yasa Golden Dardanelles loaded some 600,000 barrels at Zawia, the last major oil terminal in Libya to resume operations. She is currently waiting to discharge her cargo at Fos-sur-mer terminal.
- Dune vessel is currently waiting to load first Iranian Light crude delivery to Cilacap in 15 years. The volume will be lifted between 2-4 Feb from Kharg Island, and will arrive to Cilacap ETA Feb-28