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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, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
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- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
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- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
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- The University of Queensland
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- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
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- Maharashtra Electricity Regulatory Commission - India
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- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
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- Planning Commission, India
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- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
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- Indian Energy Exchange, India
- Videocon Industries ltd - India
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- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
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- Romanian Commodities Exchange
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- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
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- Global Business Power Corporation, Philippines
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- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
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- Australian Commodity Traders Exchange
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- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
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- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
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- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
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- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
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- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
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