Kuwait Petroleum offering ship-to-ship transfers outside Hormuz to buyers
SINGAPORE: Kuwait Petroleum Corp is offering the option of ship-to-ship transfers outside the Strait of Hormuz to its buyers for safe transportation to final destinations, a company official said on Wednesday.
Kuwait Petroleum Corp (KPC) is providing ship-to-ship (STS) transfer options outside the Strait of Hormuz for its buyers, according to a company official. Emad A M Al-Kandari, deputy managing director of International Marketing at KPC, mentioned this during the APPEC industry conference. The STS operations are offered whenever it is deemed safe, and Al-Kandari did not specify the types of petroleum products involved.
The company had previously offered naphtha on a delivered ex-ship basis in limited tenders in August and September, with some cargoes fetching premiums of up to US$60 per ton in Japan, as per Reuters' market sources. Historically, KPC had offered naphtha on a free-on-board basis before the US-Iran conflict escalated in February, but resumed cargo offers in June for the first time since the war began.
Kuwait's naphtha exports averaged 200,000 barrels per day in the first two months of the year, but dropped to zero in April and have since remained at half of pre-war levels, according to data from shiptracker Kpler.
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