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Statoil ASA (STL) booked a very large crude carrier to haul North Sea oil to South Korea, raising the number of supertankers involved in the trade to 15 since mid- December, shipbroker reports showed.
Statoil chartered the Elizabeth I.A. to load crude at Mongstad in Norway on July 15 at a cost of $4.85 million, according to data from New York-based Poten & Partners Inc. Galbraith’s Ltd., located in London, separately reported the tanker as loading July 1 at a rate of $4.8 million. Vessel charters are sometimes not concluded.
The unprecedented crude flow is taking place after South Korea and the European Union signed a free-trade agreement in July 2011. The accord exempted the nation’s refineries from a 3 percent tax on crude imports from the EU. More than half of the North Sea oil shipped to South Korea is Forties blend, a grade used to set Dated Brent, the benchmark for more than half of the world’s crude, according to the table of ships chartered.
The Elizabeth I.A. is owned by Athens-based Anangel Shipping Enterprises SA. Chartering manager Harvey Miller declined to comment by phone from London. Each VLCC typically holds 2 million barrels of oil.
Morten Eek, a spokesman for Stavanger, Norway-based Statoil, also declined to comment. The company is the country’s largest oil and gas producer.
Forties traded at a 38 cent-a-barrel premium to Dated Brent, a two-month high, as of June 7, according to data compiled by Bloomberg. The blend was at a 31-cent discount to the benchmark today.
Details of VLCC fixtures from the North Sea to Asia since December are as follows. Freight amounts are in millions of dollars. Scotland’s Hound Point is the loading terminal for Forties, and Mongstad is where ships take on cargoes of the Norwegian Troll and Heidrun grades. The data are based on oil- tanker reports and ship-tracking data from IHS Inc.
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Ship Charterer Date Port Destination Freight
Alexander
the Great BP Dec. 12 H. Point Ulsan $4
Eliza N.A. Dec. 21 H. Point Yeosu N.A.
Oliva N.A. Jan. 9 H. Point /
Jan. 12 Mongstad Yeosu N.A.
Great Lady Vitol Jan. 15 H. Point Kawasaki/Yeosu $7
Front Champion Statoil Jan. 21 Mongstad Ulsan $6.1
DHT Eagle Statoil Feb. 16 Mongstad Ulsan N.A.
Ioanna Shell March 19 H. Point Yeosu $5.95
British Purpose N.A. March 29 H. Point Ulsan N.A.
Mesdar Chevron April 28 H. Point Yeosu $7.3
Atlantas Occidental May 14 H. Point Yeosu $6.9
Maersk Hirado Statoil May 22 Mongstad Daesan $6.75
Front Tina Statoil May 17 H. Point/
Mongstad Ulsan $6.3
Maersk Nectar Glencore June 2 H. Point S.Korea $6.25
Front Opalia* BP June 24 North Sea S.Korea $5.5
Elizabeth I.A.* Statoil July 1/15 Mongstad S.Korea $4.85
/$4.8
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*Scheduled
To contact the reporters on this story: Rob Sheridan in London at rsheridan6@bloomberg.net; Sherry Su in London at lsu23@bloomberg.net
To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net