01 August 2013 16:40 [Source: ICIS news]
LONDON (ICIS)--At least 375,000 tonnes of European naphtha will be exported to Asia in mid-August, shipping sources said on Thursday.
The five shipping fixtures this week reveal that the naphtha volumes will be transported from the Meditteranean to Japan on vessels loading in mid-August.
Meanwhile, the arbitrage window from northwest Europe to Asia is not workable with the price spread between the regions at a barely profitable $19-20/tonne (€14-15/tonne), European naphtha traders said.
Asia is poised to receive 1.2m tonnes of naphtha supply from the western markets in August, traders in Asia said. The volumes rose from July, when around 1.1m tonnes of arbitrage naphtha material landed in Asia, they said.
Additional reporting by Felicia Loo
($1 = €0.75)
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