European Bitumen Market Update July 2024
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India's 1H26 bitumen imports halve on US-Iran conflict
India's 1H26 bitumen imports halve on US-Iran conflict
Singapore, 21 August (Argus) — India's bitumen imports fell by 50pc on the year in the first half of 2026 as the US-Iran conflict and a US naval blockade in the region disrupted vessel logistics, leaving most vessels chartered by Indian market participants stranded inside the blockade. Imports totalled 905,000t during January-June, down from 1.81mn t in the same period last year, according to the latest Indian customs data from Global Trade Tracker (GTT). Second-quarter imports were 271,356t, down by around 68pc from 857,419t a year earlier, the data show. Exports from Iran, a key supplier of bitumen to India, fell because of the conflict and the de facto closure of the strait of Hormuz from March, while the US blockade in the Mideast Gulf added further pressure. Although some vessels crossed the blockade in April, import volumes stayed low as most vessel owners were unwilling to risk crossing on fears of US attacks. US forces attacked at least two bitumen tankers in June, saying that the ships had attempted to evade the blockade. India is a net importer of bitumen and lacked alternate supply sources because of unviable seaborne values in Europe and Asia and tight supply in southeast Asia. But buyers with urgent requirements sought cargoes from south China, and around 5,000t were imported from south China in June, the data show. This was the second cargo from south China this year. A state-controlled refiner imported this cargo, purchased on a formula-linked price based on the Argus fob Mideast Gulf assessment, underscoring regional supply tightness. Official import data for July and August has yet to be released, but imports are expected to remain subdued as renewed US-Iran tensions and a fresh US naval blockade since mid-July have left bitumen vessels stranded in the Mideast Gulf and many vessel owners are hesitant to load a cargo from Iran, Indian importers said. July and August are typically the peak monsoon months in India. This year's monsoon has brought less rainfall than last year, but it has still affected imports and halted projects where thunderstorms occurred, particularly in the northeastern and southwestern states. India has received about 10pc less rainfall than average so far this monsoon season, which began on 1 June, with some western and southern states recording deficits of around 30pc, the meteorological service said. Conditions are likely to clear by mid-September, allowing previously delayed projects to resume. By Sathya Narayanan and Chloe Choo Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US high-balling Hormuz energy flows
US high-balling Hormuz energy flows
New York, 20 August (Argus) — US officials continue to claim a high number of tankers are exiting the strait of Hormuz through US-assisted transits, despite vessel tracking and satellite information pointing to much lower traffic through the strait. "Right now, the strait is open. A lot of boats are coming through. We are getting a lot of oil out," US President Trump said on 19 August at the White House. But vessel information firm TankerTrackers.com said on 20 August that only 5mn b/d is departing the US Navy blockade line regardless of where the loading or transfer of crude is taking place, in response to claims by US officials that 10mn b/d are traveling through the strait of Hormuz. The US-imposed blockade on Iranian ports is being enforced from outside the strait of Hormuz between the Gulf of Oman and the Arabian Sea, so the TankerTrackers.com figure likely includes loadings at the UAE and Oman's eastern ports within the Gulf of Oman, beyond the confines of the strait itself. US Energy Secretary Chris Wright claimed last week that an average of 9mn b/d exited the strait of Hormuz, a figure much higher than available information. "We do have control of the strait, you would have seen media reports that large amounts of energy are getting out, and you know I think that we can continue doing that in the southern lane," US Treasury Secretary Scott Bessent in an interview with CNBC on 20 August. Available vessel tracking and satellite data does not corroborate the assertions made by US officials that many tankers are going through the strait of Hormuz on the US' southern transit lane. Some tanker traffic is occurring through the strait, undetected by conventional vessel tracking systems since vessels are transiting with their automatic identification systems off. But these transits are visible through satellite imagery, on both the US-supported southern lane and the northern Iranian-controlled lane, data from maritime security firm Windward shows. These observable flows are at a fraction of pre-war levels, while many vessels transiting through the southern lane have been subject to attacks by Iranian forces. Tanker flows through the strait of Hormuz itself are projected by vessel tracking firm Vortexa to stand at around 941,400 b/d for the period of 14-21 August, comprised mostly of Iraqi and Saudi shipments. Most of the energy that is leaving the Mideast Gulf following the outbreak of the US-Iran war is doing so through the UAE and Oman's eastern ports. Estimates from Vortexa place exports via Fujairah port in the week between 14-21 August around 2.06mn b/d while exports via Sohar and Muscat, Oman, totaled around 1.15mn b/d in the same period. Vessel tracking data shows around 4mn b/d total departing from around the Mideast Gulf, including flows through Hormuz, in the last week. The White House did not respond to a request for comment from Argus to provide additional details on the US' efforts to support tanker transits through the strait of Hormuz. Hormuz tanker traffic on Iranian lanes up Vessel traffic through the strait of Hormuz over the last 24 hours totaled 16 vessels, mostly transiting through the northern, Iranian-controlled transit lane, split between 10 inbound transits and six outbound transits, data from maritime security firm Windward shows. Tanker traffic totaled 12 vessels, split between seven inbound and five outbound transits, most of which took place on the northern lane, Windward data shows. The Liberia-flagged Sweden Prosperity and the Hong Kong-flagged Hestia transited the strait inbound through the southern corridor, Windward data shows. However, the Hestia has turned back following its successful inbound transit and is currently idling off the eastern coast of the UAE, data from vessel tracking service Vortexa shows. The Hestia is one of at least two China-affiliated very large crude carriers to abandon its transits through the strait of Hormuz over the last few days. The remaining five inbound transits took place on the northern, Iranian controlled lane, according to Windward. For outbound transits, a single transit took place on the US-supported southern lane, Windward tracked the Ashley which transited dark. The Ashley is laden with 469,000 bl of fuel oil it loaded at Dubai lightering area on 16 August and is currently idling off Fujirah, according to Kpler data. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Malaysia's FatHopes expands biofuel feedstock trucking
Malaysia's FatHopes expands biofuel feedstock trucking
Singapore, 20 August (Argus) — Malaysian waste oil aggregator FatHopes Energy has acquired additional prime movers from domestic logistics firm Hap Seng Truck to transport biofuel feedstocks, it said today. The investment will support higher feedstock volumes and continued expansion of the firm, FatHopes said. The firm's growing logistics capabilities will support its feedstock partnerships and planned 300,000 t/yr sustainable aviation fuel (SAF) and hydrotreated vegetable oil plant in Port Klang, Malaysia, said FatHopes Energy chief executive Vinesh Sinha. FatHopes this year partnered with Chinese renewable fuel consultancy and feedstock brokerage MotionEco to source 200,000 t/yr of used cooking oil (UCO) and other sustainable feedstocks from China, as well as Spanish UCO Trading for over 200,000 t/yr of feedstock globally , and with Vietnamese PetroVietnam Oil Corporation to collect over 200,000 t/yr of Vietnamese feedstocks . Argus assessed RED-certified SAF fob Strait of Malacca at $2,520/t on 19 August. By Malcolm Goh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mediterranean naphtha exports to Asia hit 4-month high
Mediterranean naphtha exports to Asia hit 4-month high
London, 19 August (Argus) — Mediterranean naphtha exports to Asia have risen to a four-month high in August, as recovering Asian petrochemical demand and supply uncertainty in the Middle East draws more barrels east, helping absorb surplus supply from a weak European market. Loadings from the Mediterranean bound for Asia have averaged 219,000 b/d so far in August, up from 126,000 b/d in July, a four-month high, according to Kpler data. Asian petrochemical producers restarted cracker operations after extended shutdowns earlier this year caused by poor margins and feedstock supply disruptions, increasing spot demand for imported naphtha. While the Middle East traditionally supplies much of Asia's naphtha requirements, ongoing tensions in the region have encouraged buyers to source cargoes further afield from the Mediterranean . The arbitrage remained open, with Mediterranean cargoes continuing to be fixed for delivery into Asia, including on LR1 tankers, a naphtha trader familiar with east-west flows said. European naphtha demand remains subdued. Record-low Rhine water levels have further restricted consumption by disrupting feedstock deliveries to inland petrochemical crackers and limiting outbound product movement. Water levels at the Kaub bottleneck fell to a record low of 17cm this month, leaving the upper Rhine largely inaccessible to barges. Crackers at Wesseling have been among the most exposed to reduced river traffic after Shell's closure of its nearby 147,000 b/d refinery increased reliance on imported feedstocks. Further south, BASF's Ludwigshafen crackers face challenges moving products and co-products by barge, while some petrochemical crackers have struggled because they rely on river water for cooling. Weaker domestic demand has left more naphtha available for export. Independently-held naphtha stocks in the ARA hub rose to 598,000t on 13 August, 74pc above levels a month earlier. Supply has been supported by high naphtha yields from lighter crude slates and strong refinery runs, participants said. Increased flows of light Mediterranean crude and CPC Blend at attractive prices have encouraged refiners to process lighter feedstocks , boosting naphtha output. European naphtha cracks against Ice Brent futures have traded at a discount for most of August, averaging about $4/bl over the past week. Naphtha cracks against prompt North Sea Dated crude have also remained firmly negative, averaging about $7/bl over the same period. European gasoline blending has given limited support for naphtha demand despite favourable margins, a gasoline trader told Argus . The gasoline-naphtha spread climbed back above $300/t over the past week, while the Eurobob oxy swap September-October spread closed at $93.75/t on 17 August, the strongest backwardation since October 2022 . Buying interest for naphtha and high-octane blending components such as reformate has slowed despite the supportive economics, limiting an alternative outlet for surplus supply, traders said. Arbitrage economics improved in recent days. The east-west naphtha swap spread, which surged to record highs during the Middle East hostilities in July before retreating, widened to $37.50/t on 19 August from $30/t on 13 August, improving incentives for eastbound movements. By Jide Tijani Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.