India's Mangalore Refinery and Petrochemicals Ltd sold a naphtha cargo for June 20-22 loading from New Mangalore to Marubeni at about US$44/ton above Middle East quotes on a free-on-board (FOB) basis, at the end of the previous week, as per Reuters. This is the highest premium MRPL had fetched in slightly more than a year. The last time it had garnered a higher premium was when it sold a 35,000 ton cargo for May 10-12, 2013 loading, also to Marubeni at about US$48/ton premium. Traders said MRPL has sold 50,000 tons this time instead of the usual 35,000 tons, but the reason behind MRPL's larger cargo was not immediately known. This is likely the first time MRPL had offered a cargo of long-range vessel size. Asian demand for naphtha has been firm but supplies from India has fallen below 500,000 tons each for April and May shipments due to refinery maintenance. Offers for June cargoes from India have been slow, with only MRPL having done a spot sale this week for next month shipment.
12-May-14 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}