Libya Crude Bookings Rise to 1 Million Barrels a Day Next Week

Nine tankers have been booked so far to load about 1 million barrels a day of crude oil in Libya next week, according to data from Poten & Partners Inc.

The ships have been chartered to pick up 970,000 metric tons, the equivalent of about 7.1 million barrels, the New York- based shipbroker’s figures show. That’s up from 375,000 tons in the week ended Feb. 4. Libya’s state-run National Oil Corp. planned to export 12.7 million barrels of crude in the week to today, according to Ahmed El-Mihoub, a marketing official in Tripoli.

The absence of Libyan production helped crude traded in London reach a 2011 high of $127.02 a barrel in April. The benchmark Brent grade has since dropped 12 percent to $112.31. The resumption of the nation’s supply has been followed by Iran’s threat to block the Strait of Hormuz, the Persian Gulf passageway for about 20 percent of globally traded oil, renewing supply concerns.

The following table shows weekly charters for crude cargoes from Libya, according to Poten. Cargo size is expressed in metric tons. Some cargoes are shipped under long-term freight contracts and don’t appear in lists of vessel bookings.

Ship name            Load Date    Destination       Cargo Size
Reef                 Feb. 21      China             130,000
Total week ending    Feb. 25                        130,000

Total week ending    Feb. 18                        0

Libya                Feb. 5       Singapore         130,000
CE-Merapi            Feb. 6       Italy             80,000
Wilana               Feb. 7       China             130,000
Unknown              Feb. 7       Spain             80,000
RBD Gino Ferretti    Feb. 7       Mediterranean     80,000
17 February          Feb. 8       Asia              130,000
Zallaq               Feb. 11      China             130,000
Unknown              Feb. 11      Northwest Europe  80,000
Yasa Polaris         Feb. 11      China             130,000
Total week ending    Feb. 11                        970,000

Rich Duchess II      Jan. 29      Northwest Europe  80,000
Donat                Jan. 31      U.S.              135,000
Unknown              Feb. 2       Spain             80,000
NS Century           Feb. 4       Mediterranean     80,000
Total week ending    Feb. 4                         375,000

Total week to Jan. 28                               330,000
Total week to Jan. 21                               630,000
Total week to Jan. 14                               290,000
Total week to Jan. 7                                450,000

(Source: Bloomberg)

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