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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Parliament of New Zealand
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- The University of Queensland
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
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