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Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
 Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and freight rates performing. But occasionally it can be worth pointing the telescope in the other direction, and spending time considering how events on land can affect the industry. One such major land-based change has been the development of US shale oil and gas.
What No-One Saw Coming
Back in 2009, few would have dared predict that new fracking technologies would allow the US to add 10m boepd of unconventional output across a five year period. This is roughly the same net volume as was added to global offshore output between 2000 and 2015. The offshore markets have been amongst the hardest hit by the oversupply, and cuts in investment will make it harder to add to the 46.9m boepd set to be produced offshore globally in 2016. Since the oil price slump, rig rates have dropped by more than 50%, OSV rates by more than 35%, and today more than 300 rigs and 1,400 OSVs are laid up.
Shale In The Sights
One of the main factors which helped shale fracking to become widespread was the rapid recovery of the oil price after the 2009 downturn. This, of course, also helped the offshore sector have its day in the sun, before the downturn. But shale’s growth also had an impact on other shipping segments. US LPG exports grew at a CAGR of 71% in 2010-15. The growth of shale gas even led to proposals for the first transatlantic exports of ethane derived from it, and orders for ‘VLECs’ vessels followed.
The rise of shale gas also changed the LNG trade fundamentally. In 2010, US LNG imports were expected to be a major growth area. Today, the US has 117mt of under-utilised LNG import infrastructure (imports were just 1.86mt in 2015). Some projects have been converted to liquefaction, and up to 250mt of export capacity was mooted. One new project, Sabine Pass, is now exporting.
Telescoping Tank Capacity
Growth of US shale substantially reduced US import demand for light crudes. This primarily affected imports from West Africa. The transatlantic trade on Suezmaxes and Aframaxes fell from 1.8m bpd in 2010 to 0.3m bpd in 2014. But a 1975 ban on US crude exports prevented tanker exports of surplus oil, much of which is light grades for which US refineries were not ideally configured. US Jones Act tankers and tank barges benefited, as limited fleet supply for upcoast voyages sent coastal time charter rates as high as $140,000/day in mid-2015, but there was no similar effect on international trade.
The US government has now eased the export restrictions, but this has come as lower oil prices have hit the rig count and output onshore. The lower oil price has caused shale to go into decline. Yet it has provided a nice boost for tanker trades, as low oil prices have stimulated oil demand from transportation and industry.
So, developments in the mid-west of America have had major ramifications for energy shipping and offshore markets globally. This is set to continue as the industry waits to see how shale responds to the slight oil price gain over Q2 2016. This only goes to demonstrate the need to keep this related land-based industry under surveillance. Have a nice day.
Source: Clarksons
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Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
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