Today's FX board is not tidy. The dollar rose to 6.6943 against the yuan and 1337.61 against the won, so both the yuan and the won weakened versus USD; meanwhile the euro climbed to 1.118 against the dollar and the dollar fell to 158.08 against the yen, with the euro and yen both firming.

The most direct line for SNSUC is crude imports. We buy in dollars and sell much of the book in yuan, so a stronger dollar pushes the CNY landed cost per barrel higher. Unless the move is passed through the listing formula (Brent × FX × 7.33 × grade), import margin loses a slice to the currency swing.

A firmer yen is actually a tailwind — any Japan-sourced equipment or port service priced in yen converts cheaper into dollars. A weaker won lifts land-side costs on Korea-route cargo. The real P&L of one transshipment parcel has to break this FX chain apart; watching Brent alone will not show it.