W. Africa Crude-Rising freight rates weigh

Published 09/12/2019, 18:16
Updated 09/12/2019, 18:18
W. Africa Crude-Rising freight rates weigh
TLW
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LONDON, Dec 9 (Reuters) - Rising freight rates were weighing

on spot trade to Asia on Monday while several more tenders

emerged.

* Around a dozen cargoes of January-loading Angolan crude

were still available. The February loading programme is expected

early next week.

* Freight rates have been rising again due to delays

relating the upcoming switch to cleaner fuels in January to meet

new rules standards set by the International Maritime

Organisation.

* The World Scale rate for a VLCC to Asia from west Africa

has crept up to just over 100, a trader and ship broker said.

* Angola's state firm sold its cargo of Dalia after offering

it around dated Brent plus $3.00 at the end of last week.

* Total was offering Nigerian Qua Iboe at dated Brent plus

$3.90, Akpo at dated Brent plus $1.60 and Amenam at dated Brent

plus $1.90.

* India's IOC issued a fresh tender for crude loading Feb.

11-20. Results are expected on Wednesday.

* Uruguay's ANCAP issued a new tender for March delivery

crude closing on Dec. 12.

RELATED NEWS

* More than half the share value of Africa-focused Tullow

Oil TLW.L was wiped out on Monday as Chief Executive Officer

Paul McDade stepped down and the oil producer scrapped its

dividend after failing to meet production targets due to weak

performance by flagship assets in Ghana.

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