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.


On-shore storage
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:

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.
We have not seen any US crude delivery to Milford Haven since Belmar on October 2016. Ridgebury Lessley B is the next US crude delivery expected in the terminal. She will discharge 700,000 barrels of US crude ETA Jan-29.



US exports:
  • VLCC  Manifa was seen completing ship-to-ship operations in offshore Galveston. She received approx. 1.1 million barrels from 2 different vessels. Fixtures confirmed she is chartered by BP and will be heading toward Singapore.
Interesting moves