The euro was the weak leg today. EUR/USD closed at 1.1356, down 0.1231 on the day; EUR/CNY at 7.6145, down 0.1717. That runs opposite to the dollar-retreat, RMB-JPY-KRW-up pattern of the past two sessions — the euro moved down on its own.

For our transshipment book, the euro-denominated slice needs repricing. Some West African and North Sea benchmark grades and plenty of European buyers quote alternately in euro or dollar; a weaker euro means the same barrel costs more in euro and lifts the landed RMB cost. At EUR/CNY 7.6145, one million dollars' worth of euro-priced cargo now ties up roughly ¥17,000 more in RMB than last week.

Two operational moves. First, lock the euro leg into CIPS EUR direct clearing to skip the SWIFT correspondent FX hop — T+1 settlement versus the correspondent bank's T+2 cuts a day of float. Second, shift to dollar settlement wherever the contract allows, to stay out of the euro-depreciation window. We cap euro exposure at 15% of the credit line and reopen it only above EUR/USD 1.15.

This is not a call on Europe. It is a landed-cost line item: a weaker euro raises margin tie-up on euro cargoes and trims the working-capital turnover multiple for as long as it lasts.