Total Diverts Europe-Bound Jet Cargo to New York
French refiner Total has diverted a Europe-bound jet fuel tanker to New York, the twelfth vessel making the rare trans-Atlantic voyage this year, as oversupply keeps demand on the continent low.
The Zefyros, which loaded in the Middle East Gulf in early April is in the Mediterranean Sea and signaling New York as its next port of call in 11 days according to the OPIS Tanker Tracker.
It was originally chartered for a voyage to the U.K. or Europe.
That takes the total volume of jet fuel on Europe-bound tankers diverted to the US in 2014 to about 807,000 metric tons, or about six million barrels, according satellite tracking data and information from brokers compiled by OPIS show.
Total last diverted a tanker laden with jet fuel for the U.S. in late March, again to New York, where the ship, Pacific Diamond arrived on April 3.
Oil companies and traders including Shell, BP and Morgan Stanley are among those diverting Europe-bound cargoes to US. The practice spiked in February and March as prices to buy jet fuel cargoes and barges in northwest Europe fell to near nine-month lows as the warm winter stifled gasoil demand at the same time an oversupply of middle distillates curbed premiums.
The OPIS Europe Jet Tanker Tracker tracks real-time cargo shipments of jet fuel and ultra-low sulfur diesel into ports in northwest Europe and the Mediterranean.