State-owned Pemex's international trading arm PMI has slowed refined products imports because of a backlog in Mexican ports after heavier buying in recent weeks.
PMI has not booked a tanker in more than a week after previously booking one MR tanker almost every other trading day during July, market sources told Argus.
"PMI was super active in the gasoline market and in the last 10 days, nothing. Literally nothing," one trader said.
As of 1:45pm ET today, 12 MR tankers, five of which were laden, were waiting near the port of Tuxpan.
Shipping rates in the Americas tanker market have largely fallen over the past 10 days as well on lower demand.
Pemex imported 360,000 b/d of gasoline in May out of Mexico's total 528,000 b/d of imports, and 133,000 b/d of diesel out of total imports of 256,000 b/d, according to energy ministry (Sener) data.
