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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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Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
Monday, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
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- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
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