9 vessels with US-sourced LPG are currently headed towards Europe. Among other reasons, these cargoes gave preference to Europe instead of doing their regular deliveries to the Far East due to the upcoming Chinese New Year (that fell on February 16) and therefore traditionally lower interest from Chinese buyers during this period.
This week we are witnessing 4 Ethane cargoes out of US:
Borealis’ Navigator Aurora, ex-Morgans Point, is heading to Stenungsund, ETA 9-Jan.
- Ineos’ Js Ineos Insight, ex-Morgans Point, is heading to Rafnes, ETA 7-Jan.
- Ineos’ Js Ineos Intrepid, ex-Marcus Hook, is heading to Grangemouth, ETA 7-Jan.
- RIL’s Ethane Opal, ex-Morgans Point, is heading to Dahej, ETA 24-Jan.
World Oil-on-Water Flattens Out
Over the past 3-weeks, world oil-on-water has fluctuated within a narrow bound. Between 12/4 and 12/20, oil-on-water remained between 850 and 875 million barrels, according to the 10-day moving average. This follows a November that realized world daily oil-on-water that trended lower by more than 100 million barrels.
Canadian Seaborne Exports Spike
Over the past several days, Canadian seaborne oil export loadings have shown strength. Between 12/8 and 12/13, the 7-day moving average increased 455 kbd. A sizable 768 kbd oil shipment was loaded for Italy on 12/9, the first flow of its kind since late-October.
This week, the U.K. was experiencing shortages in the gas supply system. With several disruptions, mainly caused by outages in the North Sea and the Baumgarten explosion in Austria, both Dragon and Grain increased send-out.
Italy was also heavily impacted by the Baumgarten explosion, which had interrupted the pipeline flow of Russian gas into the Italian grid. Italy’s industry minister declared a state of emergency on 12-December. The pipeline is fixed now and physical flows are stabilized.At Rovigo, 4 vessels are expected to arrive in the next few days.
This week we are not witnessing any vessel heading to FE via the Cape of Good Hope. After 6 months of STS between Panama and Chorillo, Petredec’s Morston has finally crossed the Panama Canal and is signalling for Houston, ETA 19-Dec.
The following Ineos’ Ethane-dedicated vessels are on their to deliver their Ethane cargo to Europe:
RIL’s VLEC Ethane Topaz loaded another ethane cargo at Morgans Point and is heading to India. She is expected at Dahej by 9-Jan.