By Jessica Jaganathan as well as Keith Wallis

SINGAPORE, Oct 12 (Reuters)– Glencore’s delivery system ST Shipping has actually hired a freshly constructed huge unrefined provider (VLCC) to deliver gasoil from South Korea perhaps to Africa in an uncommon relocation, shipbrokers as well as investors stated on Wednesday.

Gasoil is normally delivered on tool as well as long-range sized vessels bring as much as 700,000 barrels. It is uncommon for the commercial as well as electric motor gas to be delivered in VLCCs able to lug concerning 2.2 million barrels of the oil item.

Shipping information in Thomson Reuters Eikon reveals that the new, 299,011 deadweight tonne (DWT) Gener8 Oceanus VLCC, currently off the southeast coastline of Taiwan en path to Singapore, as well as with a bring capability of concerning 2.2 million barrels, has actually been hired to pack gasoil.

Several broker as well as trading resources stated the ship, which was provided to deliver proprietor Gener8 Maritime Inc by South Korean shipbuilder Hyundai Mipo Heavy Industries onSept 12., was hired by Glencore’s delivery arm ST Shipping.

One of the brokers stated the ship would certainly pack even more gasoil in Singapore prior to heading to Africa, though this might not be validated with ST Shipping or Glencore.

Neither firm would certainly talk about the issue.

VLCCs normally deliver petroleum as well as gas oil yet recently constructed ships occasionally lug cleaner oil items like gasoil in their first trips out of Asia prior to doing a return journey with petroleum to counter delivery prices, shipbrokers stated.

Separately, Koch Supply as well as Trading is anticipated to rent the 320,000 DWT VLCC Eco Seas on a time charter of concerning 3 months, although it was not right away clear if it will certainly pack gasoil or unrefined at first.

The recently constructed vessel, had by independently held Norwegian team Awilhelmsen, is presently at South Korea’s Okpo port doing sea tests, according to Eikon information.

Koch did not react to an email for remark, as well as like Glencore does not normally talk about trading issues.

The freights were most likely repaired when products prices for VLCCs were reduced, yet prices have actually because risen because of seasonal need as well as enhanced freights from West Africa, shipbrokers stated.

French oil significant Total as well as oil investor Vitol delivered gasoil in recently constructed VLCCs previously this year from Asia to Europe.

Thirty VLCCs were provided in between January as well as August, while a more 13 were gotten in the initial fifty percent of this year, according to information from ship broker Banchero Costa (Bancosta). (Reporting by Jessica Jaganathan as well as Keith Wallis; Editing by Tom Hogue)

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