A supertanker carrying a cargo of diesel from the Middle East is en route to the fuel-starved European market, reflecting supply tightness in the region.
The VLCC Nissos Keros loaded about 2 million barrels of ultra-low sulfur diesel from Saudi Arabia’s Jubail terminal and is currently signaling France where it’s due to arrive Aug. 30, according to Kpler and ship-tracking data compiled by Bloomberg.
The vessel, which usually transports crude oil, was re-configured to carry diesel. Cargoes of the fuel would typically be carried on smaller tankers, but with freight rates elevated after the latest attacks on shipping in the Red Sea, operators have an incentive to clean up dirty tankers to haul products instead and reap the economies of scale.
Europe’s diesel market remains under pressure, driven by a combination of lower refinery output, costly rerouting of imports to replace shunned Russian supplies and sanctions-related uncertainty. The arrival of a large shipment may provide temporary relief, but dependence on long-haul imports continues to expose the European market to spikes in freight costs and supply volatility.
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