Rare SK Corp. Cargo Lends Summer Lift to Europe June Jet Imports
Korean traders and European summer holidays are lending a seasonal lift to jet fuel imports to Europe, with 1.8 million metric tons on 33 vessels already tracked arriving in the 28 member countries in June.
Imports normally start rising over June in preparation for the July-through-September peak as schools break up and flights increase throughout the continent.
Among cargoes seen arriving is 90,000 tons on the the SK Corp.-controlled SKS Doyles, scheduled to arrive in Rotterdam around June 23-26. The Korean-based trader loaded the tanker in late May at the port of Ruwais, in the Arab Gulf,
and not Korea, AIS satellite-tracking data shows.
SK Corp. disclosing a cargo for sale in northwest Europe is very rarely seen, a trader told OPIS.
Cargoes tracked from the United Arab Emirates, Saudi Arabia and Kuwait comprise about half of all jet fuel imports, based on information compiled from traders, brokers and ship satellite-tracking data.
June's tally is likely to expand further as other tankers are identified or chartered coming to Europe laden with jet fuel. There are already another 480,000 tons of cargo to be loaded in the Arab Gulf and Far East over coming weeks to make the month-long voyage to Europe, arriving in July.
Last year, the highest levels of imports were seen in the third quarter, with a record 2.6 million tons of imports in September, based on data from Eurostat, the European Commission's statistics database.
May jet fuel arrivals were tracked at just over 1.6 million tons on 28 ships. That compares to 1.3 million tons of imports for the 12-month-ago period.