Vitol Dominates January Europe-Bound Jet Fuel Shipments
Oil trader Vitol was the biggest importer of jet fuel into Europe in January, shipping more than twice as much of the middle distillate to the region than its nearest competitor.
At least eight Vitol-controlled tankers brought 423,000 metric tons of jet fuel, or 27% of the total Europe-bound ships tracked by the OPIS Tanker Tracker on FleetMon.com, into the 28-member countries this month.
OPIS compiles information from traders, brokers and vessel satellite-tracking data to measure real-time jet fuel shipments into Europe, which has the world's largest deficit of the distillate, with the shortfall estimated to be 185,000 b/d in 2015's first quarter, according to London-based energy consultancy Energy Aspects.
Kuwait Petroleum was the second-largest importer of jet fuel, with 198,000 tons tracked on three tankers, all of which discharged in the U.K.
Oil majors BP, Shell and Total, also key players in the Europe jet fuel market, each delivered three or fewer ships. Mediterranean oil refiners Repsol, ENI and Cepsa were each tracked shipping one cargo.
With indicative arbitrages signaling that it wasn't profitable to buy jet fuel from the Far East and ship to Europe for sale at a profit, no cargoes were seen arriving from South Korea.
About 75% of Europe-bound jet fuel was loaded on vessels from Middle East Gulf ports, data show, including 480,000 tons from Saudi Arabia, 243,000 tons from Kuwait and 180,000 tons from the United Arab Emirates.
India accounted for two cargoes, of 155,000 tons.
Europe-bound January jet imports are so far tallied at just over 1.54 million metric tons, on 30 vessels. That compares to December's arrivals of 1.568 million tons on 32 ships. Eurostat data shows that Jan. 2013 jet fuel imports were at 1.462 million tons.
The OPIS Tanker Tracker compiles information from traders and brokers, and FleetMon ship tracking to provide a real-time insight into Europe-bound refined products on tankers. Pinpoint detailed shipping information, such as vessel, product and volume being transported, and buying or selling party and gain critical intelligence on the movement of product from port to port. Learn more and take advantage of a 21-day, no-obligation free trial.