Because of glitch with a 60,000-bbl/d hydrocracker that occurred at the end of June, South Korea’s GS-Caltex has issued tenders to supply two cargoes of spot fuel oil, altogether about 60,000mt, said trading sources.
This was confirmed by a source with GS-Caltex, who said the company chose export since fuel oil output became excessive on unit glitches.
One of these two cargoes, about 30,000mt of 380CST bunker fuel oil for July loading, was traded with FOB premium at around US$8/mt, said a bidder. The other cargo was low-sulfur straight-run fuel oil for loading in the first half of August, and it was offered via a tender this week, sources said Tuesday. Bids for this cargo were at over US$110/mt of FOB premiums.
