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New Trade Route Established: Dangote Refinery Ships Fuel Oil to Asia

Vincent Amadi by Vincent Amadi
June 19, 2024
in Economy, News
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New Trade Route Established: Dangote Refinery Ships Fuel Oil to Asia
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Dangote refinery is set to send a cargo of low-sulfur straight-run fuel oil (LSSR) from Nigeria to Singapore this week, tapping into the Asian market for the first time, according to ship tracking data and market sources.The cargo opens up a new trade route from the recently opened refinery to Asia, where there is a persistent shortage of low-sulfur fuel oil needed to fuel ships in Singapore, the world’s largest bunkering hub.The Dangote refinery began operations in January after a $20 billion investment and can process up to 650,000 barrels of product per day. Once it reaches full capacity, it will be the largest refinery in Africa and Europe.Dangote refinery has increased exports of LSSR since March, sending cargoes mainly to the US and Europe, according to ship tracking data from Kpler and Vortexa.The first delivery to Asia is due to arrive on Wednesday. The Glencore-chartered ship Front Braj will deliver about 124,000 tonnes (787,400 barrels) of LSSR to Singapore.Market players said cargoes were redirected to Asia due to weak demand in Europe. The front-month East-West spread for 0.5% LSFO, which reflects the price difference between these regions, remained above $40 a tonne this week, according to LSEG data.Dangote’s LSSR cargo is priced free on board at the Rotterdam 0.5% LSFO rate, but market sources did not disclose the exact price spread for this cargo. Another LSSR shipment of about 157,000 tonnes from Dangote Refinery is due to arrive in Singapore in July on the Stena Suede vessel, according to ship tracking data.LSSR is typically blended with other fuels to produce low-sulfur fuel oil (LSFO) for bunkering or as a feedstock for various refining processes. Dangote began exporting petroleum products in February and December 2023, mainly buying crude oil from the Nigerian National Petroleum Corporation (NNPC).

Tags: business
Vincent Amadi

Vincent Amadi

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