Unipec ships supertanker loaded with Libyan Bu Attifel crude to Asia – sources

Unipec, the trading arm of Asia’s largest refiner Sinopec 600028.SS, is moving a supertanker loaded with Libyan Bu Attifel crude, an unusually large shipment aimed at meeting demand in southeast Asia, according to traders and shipping data from LSEG and Kpler.

Light sweet Libyan grade is typically sold to European refiners due to their proximity to the OPEC producer and moving such a large quantity of a single grade in a supertanker to Asian clients is rare, the traders said.

This was likely due to a jump in freight rates for smaller tankers following the Red Sea shipping crisis, one of the traders said.

Unipec chartered in January the Very Large Crude Carrier Cyan Nova for $8.75 million to $9.75 million to load crude from Malta to Singapore or China in February, data from LSEG and a shipbroking firm showed.

Cyan Nova conducted ship-to-ship transfers off Malta with Aframax-sized tankers Calypso, Rava and Green Azure to receive Bu Attifel crude, Kpler data showed.

The three smaller tankers loaded their cargoes in Libya in February, the data showed.

“It’s not easy to line up three cargoes,” one of the sources said.

Cyan Nova is expected to take the Cape of Good Hope route and discharge its cargoes in Asia in May, another source said.

It is currently heading to Gibraltar, shipping data on LSEG Eikon showed, where ships typically refuel before taking the longer route to Asia.

Unipec has since sold 1 million barrels of the oil to Vietnam’s Binh Son refinery for May delivery and another 400,000 barrels to Thai refiner Bangchak Petroleum BSRC.BK, the second source added.

It is unclear if the remaining 500,000 barrels has been sold.

Sinopec, Binh Son and Bangchak did not immediately respond to requests for comments. The trading sources declined to be named as they were not authorised to speak to the media.
Source: Reuters (Reporting by Florence Tan; Editing by Miral Fahmy)