Chinese demand is steadily growing for west African crude cargoes timed to arrive just before the issue of new import quotas to independent refners. The market for November-loading west African crude cargoes, many of which will arrive in China in late December, is rising, buoyed by an increase in Chinese interest. Shippers are picking up cargoes in expectation of renewed demand from independent refners in January after they receive new import quotas. Firmer refning margins, improving shipping economics and lower west African crude prices — largely as a result of depressed Atlantic basin benchmark North Sea Dated values — are also fuelling Chinese interest. Freight rates for 2mn bl tankers on the west Africa-China route have fallen to the equivalent of less than $1.60/bl this month from over $2/bl in mid-September.
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