A supertanker is loading up with diesel-type fuel at a key European import hub for the petroleum product, a telling indicator of the region’s supply glut. The Silverstone, a so-called very large crude carrier, is currently about half loaded at the port of Rotterdam, according to vessel-tracking data compiled by Bloomberg. Its depth in the water implies the tanker already has about 1 million barrels on board. The cargo being loaded is a diesel-type fuel, according to a person familiar with the matter.
Diesel Heads West
Europe to U.S. diesel shipments have surged
Source: U.S. bills of lading data and Bloomberg tracking
NOTE: Data for this month is through Feb. 4
Lockdowns and restrictions in multiple European countries to combat the spread of Covid-19 have sapped the continent’s demand, while booming freight activity and cold weather are having the opposite effect on diesel consumption in the U.S., causing the surge in shipments across the Atlantic.
Tanker analytics firm Kpler has also said the Silverstone has loaded diesel-type fuel in the Rotterdam area.