Skip to content

Connecting business. Building understanding. Advancing peace.

Daily BriefVerify a certificateDue Diligence
Become a Member

Trafigura

China–UAE News
Source: The Business Times

Soaring Tanker Freight Rates Spur Asian Refiners to Pivot to UAE Murban Crude

Record crude tanker freight rates have made shipments of US crude oil to Asia economically unviable, with charter rates from the US Gulf of Mexico to China reaching $80 million for a very large crude carrier. In response, Asian refiners are switching to alternatives including UAE Murban crude, which has traded at an estimated $2 per barrel delivered discount compared with West Texas Intermediate. The shifting demand caused Murban's cash premium over Dubai quotes to rebound above $11 per barrel.

Industry News
Source: Chamber of Shipping

US-China Tanker Freight Surges to $76 Million Amid Middle East Shipping Constraints

A supertanker chartered by commodity merchant Trafigura to transport crude from the U.S. Gulf Coast to China was fixed at an unprecedented $76 million. Middle East producers' ship-to-ship shuttle transfers in the Strait of Hormuz have restricted global fleet availability. On a 2-million-barrel cargo, the freight cost equates to approximately $38 per barrel.

Industry News
Source: The Business Times

Chinese Independent Refiners Boost Iraqi and Qatari Crude Purchases as Iranian Flows Drop

Chinese independent refiners have increased imports of crude from Iraq and Qatar for October and November delivery to replace dwindling Iranian supplies. Private refineries purchased between 15 million and 20 million barrels of Gulf crude through major international trading houses. Delivered cargoes commanded premiums ranging from $12 to $20 per barrel above ICE Brent.

The UECN Brief

Policy updates, China–UAE business news and industry insights, delivered to your inbox.

Language
Subscriptions

Double opt-in: we send a confirmation link. Unsubscribe at any time. Privacy