Petrobras loads Reliance diesel post delay

09 May 2024 CW Team

According to shiptracking data and trade sources, it was reported that Brazilian energy major Petrobras had loaded diesel from India onto a Suezmax crude oil tanker after experiencing a month-long delay. This marked the first such shipment from India in over a year, amidst fluctuating freight rates for clean product tankers.

It was mentioned by the sources that the conversion of a crude oil tanker to transport clean products allowed Petrobras to transport larger quantities of diesel from Asia at reduced expenses. Additionally, the sources noted that Asian sellers were also exploring demand outlets beyond their region.

As per the sources, the increased shipments are expected to alleviate the downward pressure on an oversupplied Asian diesel market and establish a price baseline for the current market conditions. One of the sources added that refining margins appeared to be nearing a low point at $ 13-14 a barrel in Asia for the time being.

According to data from LSEG, Kpler, and a shipbroking source, the tanker Milton Santos, chartered by Petrobras, loaded approximately 100,000-105,000 metric tonnes (equivalent to 745,000-782,250 barrels) of ultra-low sulfur diesel at Reliance's Sikka port on May 4-5. It is anticipated to arrive in Brazil in the first half of June. However, the loading was reportedly delayed for nearly a month due to an extended scrubbing and cleaning process, as stated by two shipping sources.

The shipment follows the discharge of 360,000 tonnes of Russian diesel loaded in March in Brazil over the past few weeks, with approximately 177,000 tonnes of April-loaded cargoes scheduled for discharge this week, according to shipbroking sources.

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