In today's FX board, the yuan and the won both strengthened against the dollar together. USD/CNY fell to 6.6792, USD/KRW to 1,326.7, and USD/JPY held near 158.12. EUR/USD also rose to 1.1233, putting EUR/CNY at 7.5012.

For SNSUC's transshipment book, that means delivered cost priced in yuan and won is coming down. The same tonne of Brent, converted at 6.6792 instead of last week's 6.736, is about 0.8% cheaper — real room to give on quotes to domestic refiners billed in yuan.

On execution, we moved the FX lock point on the back-to-back credit toward the yuan and locked what we could. A firmer won also helps STS transshipment costs at Busan and Ulsan, since those fees are denominated in won and ease slightly. The flat yen leaves Tokyo and Yokohama storage fees unchanged for now.