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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, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Tamil Nadu electricity Board
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- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
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- India Bulls Power Limited - India
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- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
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- Parliament of New Zealand
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- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
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- The University of Queensland
- Global Coal Blending Company Limited - Australia
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- Indian Oil Corporation Limited
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- Standard Chartered Bank - UAE
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- Timah Investasi Mineral - Indoneisa
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- Ceylon Electricity Board - Sri Lanka
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- Power Finance Corporation Ltd., India
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- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
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- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
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- Simpson Spence & Young - Indonesia
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- Formosa Plastics Group - Taiwan
- White Energy Company Limited
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- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Ambuja Cements Ltd - India
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- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
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- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Romanian Commodities Exchange
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- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
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- New Zealand Coal & Carbon
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- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
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- Videocon Industries ltd - India
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- SMC Global Power, Philippines
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- Electricity Generating Authority of Thailand
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- Agrawal Coal Company - India
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- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
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- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
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