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Thirty-one Very Large Crude Carriers (VLCCs) loaded fuel oil at the port of Rotterdam last year - four fewer (or 11.4 percent less) than in 2010, according to data released by Rotterdam Port Authority.

In total, VLCCs loaded 7.9 million tonnes in 2011, an average of 255,000 tonnes per VLCC. The figure represents a decrease of 0.8 million tonnes, or 9.2 percent, year-on-year, compared to the 8.7 million tonnes loaded in 2010.

The majority of the ships, twenty-two (71 percent), combined unloading crude oil with loading fuel oil - a combination trip is financially beneficial for ship owners in terms of paying port dues. Meanwhile, nine tankers arrived empty.

Vopak Europoort, ETT and Palen 80 were the principal locations in Rotterdam where VLCCs were loaded with fuel oil.

The majority of Rotterdam's fuel oil originates from Russian refineries, where it is produced in larger quantities than lighter products. Merchants transport surplus amounts to Rotterdam as the port is a key hub for the trade and storage of fuel oil.

Part of the surplus is sold as marine fuel in the Rotterdam bunker market, whilst some remains in the market and is sold internationally, particularly to Singapore - Asia's main hub for fuel oil trading.

According to Rotterdam Port Authority, the largest charterer in 2011 was Cargill with seven ships transporting 1.85 million tonnes. The second largest was Clearlake, the shipping branch of oil trader Gunvor, with four ships loading 0.84 million tonnes. Five ships transported 1.37 million tonnes for unknown charterers.

With *44 VLCCs estimated to have been chartered in the whole of North West Europe in 2011, Rotterdam had a 70 percent share of the fuel oil transportation market last year with its 31 VLCCs.

The VLCC rate for a trip was $3.5 million on average, which works out at approximately $13.50 per tonne.



*This figure is only indicative, as not every fixture is made public and not all trips mentioned go ahead.