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Two new-build ULSD Suezmaxes from East en route to NWE: sources

Two new-build Suezmaxes loaded with ultra-low sulfur diesel from East ofSuez markets are set to add to the general length in the European market bycarrying around 130,000 mt each to to the Amsterdam-Rotterdam-Antwerp storageand refining hub.

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The 159,055-dwt Minerva Evropi, chartered by Totsa, and the 156,889-dwtSea Beauty, heard to be chartered by Unipec are set to discharge into ARA onFebruary 28 and February 24 respectively according to data from Platts cFlow,trade-flow software.

Unipec declined to comment.

The Sea Beauty loaded some diesel in the Chinese port of Tianjin beforereceiving a top up from the Saudi Arabian port of Yanbu, according to cFlow.

The Minerva Evropi loaded in Jubail, Saudi Arabia and Ras Laffan, Qatar.

The cargoes are likely to be sold into the barge market given therelative lack of CIF shorts for such large vessels in Europe.

However, the European market has been falling over the past few days withthe nearby spread of ICE low sulfur gasoil futures, trading at around a$3.00/mt contango in the European afternoon Wednesday.

The cargoes are relatively rare, with a previous Suezmax loaded withdiesel landing in Europe in November 2017.

Rates fixed for maiden voyages are usually done at a significant discountto LR2s, allowing the vessel to work routes that otherwise would beuneconomical.

--George Shaw, george.shaw@spglobal.com

--Caroline Knight, caroline.knight@spglobal.com

--Edited by Jonathan Dart, jonathan.dart@spglobal.com