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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Australian Coal Association
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
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