Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

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Base oils producers, lube blenders and consumers can then better plan accordingly.

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Commodities

<ul><li>Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia.</li><li>Taiwan’s base oils exports rose in second-half May from the first half, with total May volumes likely exceeding April levels but still lagging March.</li><li>Large cargo set to load from South Korea in early June; size of shipment pointed to US Gulf coast as the likely destination.</li></ul>

Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia.Taiwan’s base oils exports rose in second-half May from the first half, with total May volumes likely exceeding April levels but still lagging March.Large cargo set to load from South Korea in early June; size of shipment pointed to US Gulf coast as the likely destination.

Global Base Oils Cargo Flows: Week To 29 May

<ul><li>Signs of easing supply tightness emerged across Asia as crude prices extended their decline, encouraging buyers to hold back.</li><li>South Korea and India maintained high base oils run-rates in April despite global disruptions and pressure to prioritise diesel output, supporting steady regional supply.</li><li>China’s high domestic base oils output curbed import demand, while stronger lubricants exports increased volumes in external markets.</li></ul>

Signs of easing supply tightness emerged across Asia as crude prices extended their decline, encouraging buyers to hold back.South Korea and India maintained high base oils run-rates in April despite global disruptions and pressure to prioritise diesel output, supporting steady regional supply.China’s high domestic base oils output curbed import demand, while stronger lubricants exports increased volumes in external markets.

Base Oils and Lubricants: Weekly Global Market Review - 29 May '26

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Clean Harbors, Inc. reported first quarter 2026 results that exceeded prior expectations across both its Environmental Services (ES) and Safety-Kleen Sustainable Solutions (SKSS) segments, with adjusted EBITDA growth and margin expansion despite certain operational challenges.</li><li>Total revenue grew 2% year-over-year to $1.46 billion, driven primarily by increased project services revenue, including PFAS-related and emergency response work.</li><li>ES segment showed its 16th consecutive quarter of year-over-year adjusted EBITDA margin improvement and the 18th consecutive quarter of EBITDA growth.</li></ul>

Clean Harbors, Inc. reported first quarter 2026 results that exceeded prior expectations across both its Environmental Services (ES) and Safety-Kleen Sustainable Solutions (SKSS) segments, with adjusted EBITDA growth and margin expansion despite certain operational challenges.Total revenue grew 2% year-over-year to $1.46 billion, driven primarily by increased project services revenue, including PFAS-related and emergency response work.ES segment showed its 16th consecutive quarter of year-over-year adjusted EBITDA margin improvement and the 18th consecutive quarter of EBITDA growth.

Clean Harbors Raises 2026 Guidance; Is Wall Street Missing The PFAS Story?

<ul><li>Clean Harbors, Inc. has strengthened its Environmental Services growth narrative with the acquisition of Terra Nova Solutions, a North Carolina-based industrial waste and wastewater services platform, in a $225 million cash transaction.</li><li>The deal followed U.S. Federal Trade Commission approval on May 5 and adds a regional operator with wastewater treatment, solidification, recycling, drum and tote management, transportation, and emergency response capabilities.</li><li>Clean Harbors expects Terra Nova to contribute $45 million to $50 million of annualized revenue, roughly $15 million of adjusted EBITDA, and about $4 million of first-year synergies.</li></ul>

Clean Harbors, Inc. has strengthened its Environmental Services growth narrative with the acquisition of Terra Nova Solutions, a North Carolina-based industrial waste and wastewater services platform, in a $225 million cash transaction.The deal followed U.S. Federal Trade Commission approval on May 5 and adds a regional operator with wastewater treatment, solidification, recycling, drum and tote management, transportation, and emergency response capabilities.Clean Harbors expects Terra Nova to contribute $45 million to $50 million of annualized revenue, roughly $15 million of adjusted EBITDA, and about $4 million of first-year synergies.

Clean Harbors Acquisition Of Terra Nova Signals A Bigger Waste-Sector Push!

<ul><li>Cargo of Group II light and heavy-grade base oils loaded from Taiwan this week before heading to Vietnam, set to arrive in coming days.</li><li>Taiwan’s export volumes so far in May remained similar to April and below March levels.</li><li>Cargo of Group III base oils loaded from Indonesia in second-half March before heading to Northwest Europe, arrived in recent days.</li></ul>

Cargo of Group II light and heavy-grade base oils loaded from Taiwan this week before heading to Vietnam, set to arrive in coming days.Taiwan’s export volumes so far in May remained similar to April and below March levels.Cargo of Group III base oils loaded from Indonesia in second-half March before heading to Northwest Europe, arrived in recent days.

Global Base Oils Cargo Flows: Week To 22 May

United States

Clean Harbors, Inc. provides a variety of environmental remediation and industrial waste management services to customers in the United States and Puerto Rico.  The Company's services include treatment and disposal of hazardous and non-hazardous solid and liquid waste, surface remediation, groundwater restoration, waste packaging, as well as analytical testing and consulting.

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Clean Harbors (CLH US)

Global Base Oils Cargo Flows: Week To 29 May

Several more cargoes of Group II base oils loaded from Taiwan in the past week, with shipments heading mostly to Southeast Asia. Taiwan’s base...

Base Oil News

Base Oils and Lubricants: Weekly Global Market Review - 29 May '26

Signs of easing supply tightness emerged across Asia as crude prices extended their decline, encouraging buyers to hold back. South Korea and...

Base Oil News

Clean Harbors Raises 2026 Guidance; Is Wall Street Missing The PFAS Story?

Clean Harbors, Inc. reported first quarter 2026 results that exceeded prior expectations across both its Environmental Services (ES) and...

Baptista Research

Clean Harbors Acquisition Of Terra Nova Signals A Bigger Waste-Sector Push!

Clean Harbors, Inc. has strengthened its Environmental Services growth narrative with the acquisition of Terra Nova Solutions, a North...

Baptista Research

Global Base Oils Cargo Flows: Week To 22 May

Cargo of Group II light and heavy-grade base oils loaded from Taiwan this week before heading to Vietnam, set to arrive in coming days. Taiwan’s...

Base Oil News

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