Monday, June 21, 2021

    W. Africa Crude-Rising freight rates weigh

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LONDON, Dec 9 (Reuters) – Rising freight rates were weighing
    on spot trade to Asia on Monday while several more tenders

    * Around a dozen cargoes of January-loading Angolan crude
    were still available. The February loading programme is expected
    early next week.
    * Freight rates have been rising again due to delays
    relating the upcoming switch to cleaner fuels in January to meet
    new rules standards set by the International Maritime
    * The World Scale rate for a VLCC to Asia from west Africa
    has crept up to just over 100, a trader and ship broker said.
    * Angola’s state firm sold its cargo of Dalia after offering
    it around dated Brent plus $3.00 at the end of last week.
    * Total was offering Nigerian Qua Iboe at dated Brent plus
    $3.90, Akpo at dated Brent plus $1.60 and Amenam at dated Brent
    plus $1.90.
    * India’s IOC issued a fresh tender for crude loading Feb.
    11-20. Results are expected on Wednesday.
    * Uruguay’s ANCAP issued a new tender for March delivery
    crude closing on Dec. 12.

    * More than half the share value of Africa-focused Tullow
    Oil was wiped out on Monday as Chief Executive Officer
    Paul McDade stepped down and the oil producer scrapped its
    dividend after failing to meet production targets due to weak
    performance by flagship assets in Ghana.

    (Reporting By Julia Payne)

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