09 August 2013 16:08 [Source: ICIS news]
LONDON (ICIS)--Northwest European fuel oil exports to the key Asian market have stalled on poor demand, industry sources said on Friday.
No shipping fixtures were seen this week for large crude carriers (VLCC) moving from Rotterdam to Singapore.
Fuel oil is normally transported to Asia via VLCCs, which can carry either fuel oil or crude oil.
This indicates a fall in exports from two weeks ago when at least a couple of VLCCs were booked from Rotterdam to Singapore, the usual shipping route for fuel oil to be transported from northwest Europe to Asia.
In addition, one ultra large crude carrier (ULCC) was booked on the week ending on 26 July.
Partly as a result of the current low export demand, fuel oil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) region have risen, independent stock data released on Thursday revealed.
Fuel oil is used for heating purposes and to generate electricity.
($1 = €0.75)
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