The U.S. market is not overtly strong, yet vessels are quietly fixed away and at rates that are not especially competitive. The European coastal market is making steady progress, but deep-sea is slow. Asian markets are rather slow all around.-by Adrian Brown

The Asia-Pacific region is shifting rapidly toward increased use of highly refined base stocks as lubricant marketers take advantage of opportunities galore to promote upgrades in quality levels, an industry insider said at a conference recently in Singapore.

A consultant told an industry conference in Mumbai, India, Wednesday that lubricant companies can benefit from crude oil price volatility if they carry minimal inventories, accurately forecast sales and use a mix of long-term and spot contracts for base stock procurement.

South Korean base oil refiner SK Lubricants reported a year-to-year decline in its second-quarter operating profit, while lubricant suppliers Castrol India and Gulf Oil Lubricants India Ltd. each posted upticks.