BASF ships 80,000 tons of naphtha from Europe to Asia in a rare move

14-Apr-15

Petrochemical maker BASF is shipping about 80,000 tons of naphtha from Europe to Asia this week in a rare move, as per trade and shipping sources in Reuters. The naphtha cargo, currently loading off the east coast of the United Kingdom, is expected to arrive in Asia by June. Sources said the cargo was likely bound for China. Traders said a naphtha supply crunch in China, brought on by refinery moves to produce more gasoline, could have prompted the unusual booking. Softening naphtha demand in Europe, as alternative petrochemical feedstock liquefied petroleum gas (LPG) became more readily available at affordable prices, could also have helped enable the move, traders said.