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New north–south tanker trade emerges

Mon 13 Aug 2018 by Craig Jallal, tankers and markets editor

New north–south tanker trade emerges
Condensate from the north is starting to influence tanker trades in the south

The re-imposition of US sanctions on Iran and newly available oil condensate from the Russian Arctic have combined to produce a new tanker north – south trade.

Paris-based energy information service Kpler reports the ex-Primorsk MR2 tanker SCF Angara is on the way to Jebel Ali with a cargo of oil condensate.

The tanker is reported to have loaded at Sabetta Seaport in the Russian Arctic.

The condensate is a by-product from Novatek’s huge Arctic project, which is running ahead of schedule, with LNG being lifted six months early from the second gas train.

So far, this condensate from the project has been shipped to Denmark and ARA region, but traders are finding demand is growing in the Middle East.

Normally, Jebel Ali and other terminals in the Middle East would be the destination for Iranian condensates and crude oil, but sanctions and the recent threat made by President Trump, is forcing traders to look elsewhere.

Keep up to date with all the tanker news and views with Tanker Shipping & Trade and come pay the team a visit at SMM. We are in Hall A3, Stand 410. We are looking forward to meeting you.

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