Phillips 66 books supertanker to ship U.S. crude to South Korea for file $14 mln -sources

NEW YORK, Oct 10 (Reuters) – Phillips 66 tentatively chartered a supertanker to ship U.S. crude from the U.S. Gulf Coast to South Korea for a file $14 million this week, sources stated Thursday, as tanker charges continued to soar after U.S. sanctions on items of Chinese language large COSCO.

Phillips 66 provisionally chartered the Very Giant Crude Provider (VLCC) Olympic Laurel for $14 million and is predicted to load in mid-November, in response to Refinitiv Eikon information.

The corporate didn’t instantly reply to a request for remark.

The USA in late September imposed sanctions on two items of China’s COSCO, which operates greater than 50 supertankers, alleging the items violated U.S. sanctions on Iran. Freight charges for supertankers throughout the globe to ship oil, notably to Asia, <TD-LPP-SIN> have surged consequently.

Final week Phillips 66 provisionally chartered the VLCC Syfnos to ship U.S. crude to China, two sources stated. The corporate had additionally chartered the Landbridge Glory to ship U.S. crude to South Korea in early November for $10.four million, in response to a supply and Refinitiv delivery information.

The Syfnos fixture has since failed, two sources conversant in the matter stated.

It was not instantly clear whether or not the Landbridge Glory had failed nevertheless it was not a reported as a fixture on Refinitiv Eikon’s database.

U.S. crude exports have surged since a decades-long ban was lifted in late 2015. The exports rose to a median 2.9 million barrels per day (bpd) within the first half of 2019, in response to the U.S. Power Data Administration. (Reporting by Devika Krishna Kumar in New York, Julia Payne in London and Collin Eaton in Houston; Enhancing by Daniel Wallis)

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