Gasoline Tankers

Few gasoline tankers are drifting around Caribbean

Three homeless gasoline tankers have been reported being wandering around the Isles of Caribbean. These tankers are bearing almost 1.35 million barrels of gasoline and alkylate which is roughly $100 million-dollar worth gasoline. Alkylate is an octane-boosting component that is mixed with motor fuels for high rated performance.Before continue to read complete story, visit Cargo to Caribbean first.

These tankers come from India and were supposed to land in United States. This cargo was meant for Trafigura Group Ltd and Mercuria Energy Group Ltd. and yet has no orders of delivery. Instead the traders are now looking for best-selling options in the region. The fate of these tankers has been uncertain and they are wandering in the waters since March 27th.

Nobody has stepped forward and made a statement on this case as of yet. The officials of Mercuria and Trafigura group are silent on the status of these cargo ships. The representatives of these companies also refused to comment anything about their landing details. These tankers were intended to land in the U.S. “River Shiner” of the Trafigura group is left to drift freely towards north of Bahamas. It is loaded with gasoline and its original destination was the New York Harbor from where it got diverted earlier this week. Mercuria group’s “Spottail” was loaded with alkylate as cargo in India. It has been witnessed floating near Freeport of Bahamas since 27th of last month. Another ship “Lake Trout” is also drifting in the Gulf of Mexico for two weeks now not knowing about its future.

How much worth is this cargo?

Talking about its worth, the value of gasoline at New York harbor is approximately $1.56/gallon whereas the value of alkylate is almost $1.72/gal which is considerably high. With 1.35 million barrels calculating the cost: 42 gallons per barrel, that’s just under $100 million depending on the split between the two.

The head of oil products research for Energy Aspects, Robert Campbell when talked with shared his views on this situation. He is of the view that these tankers will end up in Venezuela. He also shared that currently there is a severe shortage of supply in the region and these tankers are meant to bring in alkylate to narrow the gap. The shortage is because most of country’s fluid catalytic cracker units that are responsible for making gasoline are out of commission. Last week, two gasoline tankers coming from Europe were also directed to Venezuela after the statement was made by Petroleos de Venezuela that it will work on boosting imports. This statement was actually made after the serious shortage that Caracas suffered from.

Central value of the Caribbean 

Grand Bahama, Aruba, Bonaire, Curaçao, St. Eustatius and St. Lucia, are very famous for the beaches that draw sun-chasing visitors from all over the world. All of them have significant depots to store crude as well as refined products. China, Russia, India and many other countries have their reserves here. The transport of all sorts takes place through the Caribbean sea.
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