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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, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- The University of Queensland
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Economic Council, Georgia
- London Commodity Brokers - England
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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