Gasoline Suezmax heads to Nigeria from Baltics in rare move: sources
Trading company Vitol is using a newly built Suezmax to bring 120,000 mt of gasoline to Nigeria from the Baltics, trading sources said.
The Vitol-chartered 159,559 dwt Sea Icon, which left the Ventspils Nafta terminal in Latvia on Friday with 120,000 mt of gasoline was heading to West Africa where it was expected to arrive on February 22, according to data from Platts cFlow, trade flow software.
A source at Vitol said it was using the ship for a large gasoline cargo but would not comment on the ship’s final destination.
“Vitol has sold to NNPC,” a source active in the West African gasoline market said, referring to Nigerian National Petroleum Corp, which organizes the bulk of gasoline imports into the country.
“Vitol is bringing DSDP volumes,” another source active in the West African gasoline market said.
Vitol is one of around 17 companies in the 2017 edition of the Direct Sale Direct Purchase program organized by NNPC, whereby 10 companies are paired with 10 other companies to export crude from Nigeria and import gasoline in exchange.
While volumes of gasoline imported in Nigeria vary from one month to another, the country imports, on average, more than 800,000 mt of gasoline per month.
The majority of those imports are done on Medium Range tankers — generally 37,000 mt cargoes — with a few Long Range 1 tankers — maximum 60,000 mt — each month.