LONDON: North Sea Forties crude differentials edged up on Monday, extending last week's rise, although activity was thin on the ground.
Flows of crude to Asia have slowed this month. No VLCC's have made the trip to either China or Singapore since mid June, although a number have loaded Forties, or co-loaded with another grade.
At least two VLCCs are at anchor holding Forties - the Desimi, which has been in the North Sea for several months, and the Boston, which loaded nearly three weeks ago, but has been at Southwold on Britain's east coast since then.
Several cargoes of North Sea crude have loaded via ship-to-ship transfer at the British hub of Southwold and traders said these are bound for Asia.
The Olympic Leopard, which co-loaded Urals and Forties last week, is scheduled to sail to China.
There are at least four fully laden aframaxes currently at Southwold for orders, according to shipping sources and tracking data. At least one, the Advantage Arrow, which loaded at Sullom Voe last week, has been earmarked for a ship-to-ship transfer.
The Gener8 Neptune, a VLCC, is at Southwold, but one trading source said it did not appear to have been chartered for any voyages at this point.
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