Highly sought after types of oil best suited to making cleaner shipping fuel are...
LONDON/SINGAPORE - Highly sought after types of oil best suited to making cleaner shipping fuel are suddenly finding they are a tougher sell for thirsty East Asian markets, traders say, in an unintended consequence of U.S. sanctions on a Chinese shipping fleet.
The United States imposed sanctions on units of China’s COSCO on Sept. 25 for allegedly ferrying crude out of Iran, putting its vast fleet of oil supertankers off-limits for international companies and sending freight rates soaring. “With the advent of IMO 2020 it is now time for these previously less fashionable grades to shine and for others to become weaker”, he added.
Price offerings for Angolan Cabinda, Nigerian Forcados and Congolese Djeno — all relatively heavy and sweet — reached all-time highs in recent weeks, but retreated downward again due to the new costs of shipping it as far as markets in East Asia.
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