Castleton Leads European June Jet Fuel Imports
Castleton Commodities International (CCI) is rebuilding its presence in the European jet fuel market, leading imports into Europe this month.
Tanker tracking shows the former physical oil trading business of Morgan Stanley controls four ships carrying some 300,000 metric tons that scheduled to arrive in June at the region's ports. CCI has also sold cargo from a fifth vessel, the Captain Paris, with 90,000 tons on board, to Shell, with the tanker due to arrive at Le Havre in eight days.
Overall, some 34 tankers carrying 1.9 million tons are so far seen chartered to make the voyage to Europe, according to information compiled from traders, brokers and satellite-tracking data.
The Morgan Stanley unit was sold to CCI in November, and after three months of little known activity, the trader is now seen rapidly establishing its presence in European distillates.
The OPIS Tanker Tracker has tracked eight tankers controlled by CCI since the Morgan Stanley purchase, one arriving in February, two that discharged in April, and the five seen arriving this month.
Prior to this, Morgan Stanley was a key player in the northwest jet fuel market, with 67 tankers controlled by the commodity trader tracked going to Europe in OPIS records going back to early 2013.
The second-largest supplier of jet fuel to northwest Europe and ports in the Mediterranean so far this month is Vitol, the world's largest oil trader. Vitol has dominated the trade for the last 12 months, and has 280,000 tons on four vessels arriving this month, and a further ship on which a cargo was sold to BP.
BP is bringing in 190,000 tons on two ships and is known to have bought another 60,000 tons. Shell has 180,000 tons on two ships, as does Kuwait Petroleum. However, the national oil company sold cargo from a third to BP.