Bloomberg News

Sixth Supertanker of North Sea Crude Heads to Asia, Data Show

March 05, 2012

A supertanker loaded with North Sea crude, the sixth since mid-December to Asia, is scheduled to arrive in South Korea next month, according to ship-tracking data from AISLive Ltd. compiled by Bloomberg.

The very large crude carrier DHT Eagle will arrive at Ulsan, South Korea, on April 13 after loading at Mongstad, Norway, on Feb. 16 to Feb. 21, according to the data. Mongstad is the oil terminal for Norwegian Troll and Heidrun grades, according to Statoil ASA. (STL)

Five VLCCs loaded with North Sea crude sailed to Asia from late December to January, according to AISLive data. That’s the most in any month since 2004, according to data from Galbraith’s Ltd., a London-based shipbroker. The export flows were triggered by a narrowing of the spread between European benchmark Brent and Middle East Dubai crudes in December and January, making Atlantic Basin blends more attractive to Asian refiners.

Norway’s largest oil and gas company originally booked the supertanker in January to transport crude from Hound Point, the loading terminal of Forties blend in Scotland, to Asia, Athens- based Optima Shipbrokers Ltd. said Jan. 16 in an e-mailed report. A VLCC typically holds about 2 million barrels of crude.

Morten Eek, Stavanger-based spokesman for Statoil, declined to comment.

The Brent-Dubai exchange for swaps, a measure of the North Sea marker versus the Persian Gulf grade, was at a 15-month low of $2.32 a barrel on Jan. 16, according to data compiled by PVM Oil Associates Ltd. It was mostly less than $4 between December and February, compared with an average of $5.28 last year.

Details of VLCC fixtures from the North Sea to Asia since mid-December are as follows. The information is based on tanker reports and ship-tracking data from AISLive, compiled by Bloomberg. The freight is in millions of dollars.

---------------------------------------------------------------
Ship      Charterer Loading     Port       Destination   Freight
Alexander
the Great   BP      Dec. 12-16  Hound Point  Ulsan        $4
Eliza       N.A.    Dec. 21-25  Hound Point  Yeosu        N.A.
Oliva       N.A.    Jan. 9-11   Hound Point
                    Jan. 12-17  Mongstad     Yeosu        N.A.
Great Lady  Vitol   Jan. 15-17  Hound Point  Kawasaki     $7
Front
Champion    Statoil Jan. 21-23  Mongstad     Ulsan        $6.1
DHT Eagle   Statoil Feb. 16-21  Mongstad     Ulsan        N.A.
---------------------------------------------------------------

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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