The steady flow of VLCC fixtures to load Forties crude at Hound Point in June continued Friday, with another VLCC placed on subjects.
Total was said by sources to have put the C Challenger on subjects for a Hound Point loading around June 20. Total confirmed the fixture.
According to Platts tracking of the Forties program, the French company holds the F0614 and F0615 parcels, which are both due to load around June 20.
Total had previously fixed the Atlantas for a Hound Point-Far East voyage in early June.
Also in shipping reports this week, Shell was seen as having booked the Gener8 Hector for a Hound Point-Far East voyage on June 7-10, and the Saham or Samail on a Contract of Affreightment for a Hound Point-Far East run on June 15. A source at Shell declined to comment.
While demand from Chinese and South Korean refiners was mostly said to be fairly sluggish for June Forties barrels, traders have said the arbitrage has been boosted by dropping North Sea VLCC freight rates.
According to shipping and trading sources, freight rates have dropped to $4 million or below for Hound Point Far East due to the global glut of available VLCCs.
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