W. Africa Crude-Buyers wary as high freight rates weigh

Published 07/10/2019, 17:56
Updated 07/10/2019, 18:00
W. Africa Crude-Buyers wary as high freight rates weigh

LONDON, Oct 7 (Reuters) - Sellers returned to the window on

Monday to entice buyers spooked by high freight rates due to

Washington's sanctions on subsidiaries of a major Chinese

shipping firm at the end of September.

* Long-haul rates to Asia have risen sharply prompting

refiners to shed some cargoes.

* China's Unipec offered four cargoes in the window for a

third session all November loading on a fob basis. These were

Angolan Saturno at dated Brent plus 35 cents, Dalia at dated

Brent plus $1.90, Mostarda at dated Brent minus 5 cents and a

cargo of Equatorial Guinean crude.

* Angolan state oil company Sonangol was still offering for

cargoes of November-loading Cabinda at a premium of $3.10

compared to dated Brent, Dalia at $2.80 and Gindungo at $1.60.

* Vitol offered a cargo of Forcados at dated Brent plus

$4.70 on a delivered basis to Rotterdam for Nov. 15-20 arrival.

* Trafigura also offered a cargo of Forcados at dated Brent

plus $2.70 loading Nov. 10-15.

TENDERS

* Tenders by India's IOC for two cargoes of West African

crude for November closed, but the winners did not immediately

emerge.

* Turkey's Tupras issued a buy tender for Bonny Light,

Forcados, Jones Creek or other similar grades for Nov. 25 to

Dec. 10. It closes on Oct. 8.

* India's IOC issued a new tender for west African crude

loading Nov. 24 to Dec. 3 closing later this week.

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