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South Korea Keeps Biggest Share of Oil Tankers From Saudi Arabia

South Korea stayed the biggest destination for oil tankers that had called at Saudi Arabia’s Ras Tanura, the world’s largest crude-export complex, ship-tracking data compiled by Bloomberg show.

Five vessels able to haul 10 million barrels of cargo are sailing to the Asian country after going to the Saudi Arabian export facility in the week ended May 25, according to figures from IHS Fairplay compiled today by Bloomberg News. South Korea was also the biggest destination a week ago, when it was due to receive ships able to carry 12 million barrels.

The total capacity of oil tankers that went to Ras Tanura declined to 7.37 million barrels a day from 7.71 million barrels in the week ended May 18. Some vessels may load partial cargoes at other ports in the Persian Gulf before or after Ras Tanura. Signals can also be incomplete.

The table below summarizes the total capacity of tankers sailing to each country, assuming standard cargo sizes for very large crude carriers, Suezmaxes and Aframaxes.

Country              Barrels     Share (%)     Share (%)
                                 May 25        May 18
South Korea       10,000,000       19          22
China              8,000,000       16           7
Egypt              6,650,000       13           9
U.A.E.             4,300,000      8.3           4
Japan              4,000,000      7.8           4
Singapore          4,000,000      7.8           9
Brazil             2,000,000      3.9          --
India              2,000,000      3.9           5
Indonesia          2,000,000      3.9          --
Philippines        2,000,000      3.9          --
Taiwan             2,000,000      3.9           7
Unspecified        4,650,000      9.0           6
U.S.                      --       --          11
South Africa              --       --           6
Malaysia                  --       --           4
Thailand                  --       --           4
Spain                     --       --           1

Barrels           51,600,000
Barrels/Day        7,371,429

To contact the reporter on this story: Alaric Nightingale in London at anightingal1@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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