Number of jet vessels diverting across Atlantic nears double figures
The number of vessels carrying jet fuel diverting across the Atlantic to the US and Caribbean is close to double figures, as an eighth vessel joins the list, data from S&P Global Platts trade flow software cFlow showed.
The Torm Supreme, a 49,999 dwt vessel, left Yanbu on January 14, via Algeciras, destined for Yorktown in the US, according to cFlow.
Since the start of the year, a slew of vessels have diverted away from their original destinations in Europe following an open arbitrage caused by an increase in demand in the US after very cold weather boosted restocking efforts alongside buying interest for ultra low sulfur kerosene for heating purposes, sources said.
The cold weather is ebbing but maintenance season has stepped in to maintain buying interest in the US, sources said.
Despite prices in NWE hitting three-year highs at the start of the month, the US continued to offer a favorable netback for global arbitrage barrels, sources said.