More than 280,000 tonnes (about 2.4 million barrels) of gasoline were stored onboard six ships floating off Singapore and Malaysia last month. Half of those volumes, contained in a first trio of vessels, were discharged between late May and early June.
But now a second and final trio of ships used as floating storage tanks for gasoline is en route to unload cargoes in Indonesia, Sri Lanka and Malaysia, according to industry sources and shipping data, which signifies a rise in fuel demand across Asia.
Indonesia’s Pertamina is set to discharge gasoline from the BW Zambesi now at Merak, its third such delivery this month. The largest gasoline importer in Asia had previously stocked up on the fuel to cash in on low oil prices.
The two other ships (called Georg Jacob and Energy Centurion) and chartered by trader Trafigura are currently at Tanjung Langsat, Malaysia, and Galle, Sri Lanka, respectively, the data showed.
All three ships are Panamax vessels – named after their suitability for transiting the Panama Canal – capable of transporting about 50,000 tonnes of fuel each.
Sandy Kwa of energy consultancy FGE, said: “As compared to the storage volumes seen in mid-May, the current offshore storage for gasoline around Singapore/Malaysia/Indonesia has fallen significantly. This is reflective of the region’s resurgence in driving demand.”
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