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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, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
Monday, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
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 ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
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- Eastern Coal Council - USA
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- Gujarat Sidhee Cement - India
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- Chamber of Mines of South Africa
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- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
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- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
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- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
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- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
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- Central Java Power - Indonesia
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- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
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- Ministry of Finance - Indonesia
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- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
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- White Energy Company Limited
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- Maheswari Brothers Coal Limited - India
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- Ministry of Mines - Canada
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- Jaiprakash Power Ventures ltd
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- Krishnapatnam Port Company Ltd. - India
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- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
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- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
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- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
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- Mjunction Services Limited - India
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- Bhoruka Overseas - Indonesia
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- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
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- Australian Commodity Traders Exchange
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- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
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- The Treasury - Australian Government
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- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
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