Northeast Asia sends the most jet fuel to Europe in nearly a year in June, ET Infra
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Traders shipped the most jet fuel from Northeast Asia to Europe in almost a year in June, driven by lower freight rates, ample regional supply, and concerns over potential supply disruptions from the Middle East, according to ship tracking data and trade sources.Roughly 350,000 metric tons (2.8 million barrels) of aviation fuel were shipped from South Korea and China to Europe in June, Kpler data showed. Trader estimates suggest total bookings for the month could reach up to 465,000 tons.These shipments are expected to slightly ease Asia's jet fuel oversupply and help stabilise prices in the near term, according to analysts.Five tankers were chartered in June by major players including Vitol, BP, Aramco Trading, Gunvor, and Unipec — the trading arm of Asia's largest refiner, Sinopec, Kpler data showed. Vitol and Saudi Aramco declined to comment, while Gunvor, Unipec, and BP did not immediately respond to queries.Jet fuel exports from Northeast Asia rose in June as refiners ramped up production following maintenance and as profit margins — or "product cracks" — improved, said Ivan Mathews, head of APAC analysis at Vortexa.With weak spot demand from regional importers, traders diverted spot cargoes westward to capitalise on stronger margins and lower shipping costs, two Singapore-based trade sources said.'These flows were purely opportunistic, spurred by geopolitical tensions that sent Northwest Europe cracks surging, while freight rates on modern newbuild vessels remained attractive enough to justify the move,' said Zameer Yusof , senior lead research analyst at Kpler.Physical jet fuel prices in Northwest Europe remained $60 to $80 per ton higher than in Asia through most of June, LSEG data showed. Demand in Europe typically spikes during the summer travel season — Eurocontrol data showed June flight numbers were up 5.2 per cent year-on-year and 7.8 per cent month-on-month.Concerns over Middle East conflict also contributed to rising European jet fuel prices. Meanwhile, the cost to ship 90,000 tons of jet fuel on LR2 tankers fell to a one-month low of $40 to $45 per ton for bookings made before the Iran-Israel conflict began on June 13.At least four new LR2 tankers have been booked to carry jet fuel from East to West for June and July, according to two shipping sources. Shipbroking sources noted that maiden voyages on new vessels often come at lower freight rates, as owners seek to build tracking history and mileage.However, analysts don't expect the recent exports to lift Asian jet fuel prices significantly.'Asia remains chronically net long jet/kero by around 625 kbd in June and July, and Europe-bound flows won't make a meaningful dent in that surplus,' said Kpler's Yusof.China alone is targeting jet/kero exports exceeding 2 million tons per month, he added. In May, China exported 1.92 million tons of jet fuel — a 20 per cent increase year-on-year.
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