Saudi Aramco's S‑Oil Secures Two Tankers, Offers Dual Route Options from Yanbu to South Korea

Deep News08-05

A refining company controlled by Saudi Aramco has chartered two additional very large crude carriers (VLCCs) to move crude oil from Yanbu to South Korea, with vessels given the option of transiting the Bab el-Mandeb strait or rerouting around Africa. According to shipping charter records, South Korea's S‑Oil has confirmed that the tanker "Maran Aphrodite" will load crude at the Red Sea port of Yanbu on August 18. The vessel can choose to take the Bab el-Mandeb route at a rate of 285 Worldscale points, or sail via the Suez Canal and around the Cape of Good Hope for a freight cost of $20.25 million. The refiner has also provisionally booked the tanker "Pantanasas" to load at the same port on the same date; the Bab el-Mandeb passage would cost 300 Worldscale points, while the longer rerouting option would be $20.5 million. Both tankers are currently positioned near India, and meeting the scheduled loading dates will likely require a transit through the Bab el-Mandeb strait. Additionally, Gladsford, a shipping subsidiary of PetroChina, is seeking a VLCC to load a cargo of crude oil destined for Asia at Egypt's Sidi Kerir port between August 25 and 28. That port primarily exports Saudi crude, according to the related charter records.

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