Will Cunliffe
Research Analyst, The Officials
High danger on the high seas
Reports ADNOC is cutting spot availability of offshore grades, Saudi allocations prove elusive and the bunker market is getting dicey.
Reports ADNOC is cutting spot availability of offshore grades, Saudi allocations prove elusive and the bunker market is getting dicey.
The stream of ship attacks and incident reports coming through the UKMTO is increasing in pace. Last night, they reported another strike in Bab el-Mandeb – but it took place on 17 August, when a cargo ship was hit by “multiple projectiles.” Of course, these UKMTO reports are purely voluntary, so do not capture the full scale of the chaos. Even so, they’re up to incident number 117! The ADNOC tanker hits have hobbled – at least temporarily – its ability to run the Hormuz shuttle. Concerns grow as ships get targeted and hit. However, we expect ADNOC will do what is necessary to get the oil flowing again, as the incentive is huge! Even so, for now, shipments to Asia are set to fall, according to several sources. Regardless, the UAE is furious at Iran, announcing ending of all economic relations with Iran…
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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