W. Africa Crude-Rising freight rates weigh

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Oil pumps are seen in Lagunillas, Ciudad Ojeda, in Lake Maracaibo in the state of Zulia, Venezuela, March 20, 2015. REUTERS/Isaac Urrutia

LONDON, Dec 9 (Reuters) – Rising freight rates were weighing
on spot trade to Asia on Monday while several more tenders
emerged.

* Around a dozen cargoes of January-loading Angolan crude
were still available. The February loading programme is expected
early next week.
* Freight rates have been rising again due to delays
relating the upcoming switch to cleaner fuels in January to meet
new rules standards set by the International Maritime
Organisation.
* The World Scale rate for a VLCC to Asia from west Africa
has crept up to just over 100, a trader and ship broker said.
* Angola’s state firm sold its cargo of Dalia after offering
it around dated Brent plus $3.00 at the end of last week.
* Total was offering Nigerian Qua Iboe at dated Brent plus
$3.90, Akpo at dated Brent plus $1.60 and Amenam at dated Brent
plus $1.90.
* India’s IOC issued a fresh tender for crude loading Feb.
11-20. Results are expected on Wednesday.
* Uruguay’s ANCAP issued a new tender for March delivery
crude closing on Dec. 12.

RELATED NEWS
* More than half the share value of Africa-focused Tullow
Oil was wiped out on Monday as Chief Executive Officer
Paul McDade stepped down and the oil producer scrapped its
dividend after failing to meet production targets due to weak
performance by flagship assets in Ghana.

(Reporting By Julia Payne)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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