VLCC Delivers First North American Crude Oil Cargo to India


VLCC Delivers First North American Crude Oil Cargo to India

According to Indian news sources, India will receive its first ever cargo of North American crude oil today. An unnamed VLCC is said to carrying 1,600,000 bbls of US Mars crude oil and 400,000 bbls of Canadian Western Select crude oil, and is due to arrive at the Paradip terminal sometime early 2 October. OPEC production cuts and the subsequent increase in benchmark crude oil prices is making long haul North American crude oil competitively priced in Asian markets. The VLCC cargo is said to have been sold on a delivered basis, and is the first of several similar North America crude oil cargoes due to be delivered to India over the coming months. These long haul North American crude oil cargoes are expected to replace shorter haul cargoes from India’s regular suppliers in the Middle East, and could have a small, but positive impact on the VLCC supply and demand picture.

India news sources did not name the vessel, but one possible candidate is the VLCC “New Prosperity” (built-2015, 318,607 dwt, IMO 9689988). According to some AIS-derived vessel tracking sources, the “New Prosperity” left LOOP, USA, in early August 2017, and is expected to arrive in Paradip port early on the morning of 2 October 2017.

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About Craig Jallal
A shipping analyst whose feels the need to comment on the industry.

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