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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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Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
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- Eastern Coal Council - USA
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- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
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- LBH Netherlands Bv - Netherlands
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- India Bulls Power Limited - India
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- Marubeni Corporation - India
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- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
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- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
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- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
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- Global Business Power Corporation, Philippines
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- White Energy Company Limited
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- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
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- Indogreen Group - Indonesia
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- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
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- Siam City Cement - Thailand
- Australian Coal Association
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
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- Metalloyd Limited - United Kingdom
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- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
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- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
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- VISA Power Limited - India
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- Riau Bara Harum - Indonesia
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- Videocon Industries ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
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- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
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- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
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