Brazil's Lula and the US Gulf sail long-haul to Asia while the Middle East is short-haul. VLCC time-charter rates and STS transshipment costs at Fujairah/Sohar are redrawing the landed-cost ranking of the seven transshipment grades - ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula.

The delivered cost of SNSUC's seven crude re-export lines (ESPO/Dubai/Oman/Urals/Basrah Light/Bonny Light/Lula) was repriced today by freight and war-risk premiums across the Hormuz and Red Sea chokepoints. STS anchorage (Fujairah/Sohar) transshipment cost is becoming a heavier variable in re-export margins.