PetroChina has booked a supertanker to load its first fuel oil cargo from the Amsterdam-Rotterdam-Antwerp (ARA) hub in December, and is expected to arrive in East Asia about a month later, traders said on Monday, Reuters reports. Traders attributed the rare booking to the pervasively tight market for on-specification cargoes in East Asia, that has kept cash differentials and timespreads at strong levels for over a month.
The Chinese major has provisionally chartered the Very Large Crude Carrier (VLCC) Kazimah II to load 275,000 tonnes from Rotterdam on Dec. 5-10, with freight at $3.9 million, or about $14.50 a tonne.
The Chinese major has provisionally chartered the Very Large Crude Carrier (VLCC) Kazimah II to load 275,000 tonnes from Rotterdam on Dec. 5-10, with freight at $3.9 million, or about $14.50 a tonne.