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Monday, September 24, 2018

FSU exports up, China imports up, India imports steady

Exports from the Baltic and other areas accounted for the increase in FSU (Former Soviet Union) seaborne exports in the first half of 2004 (1HO4), while exports from the Black Sea ports were the same as in 1HO3. Seaborne exports from the Baltic were 3.05 mbd in 1HO4, up 0.77 mbd on the figure for 1H03. Exports from other areas increased from 0.38 mbd 1H03 to 0.47 mbd 1H04.

It was crude oil exports that increased the strongest - from 4.5 mbd 1H03 to 5.11 mbd 1H04, while product exports increased by 0.22 mbd 1HO3 to 2.11 mbd 1HO4.

The extent to which China has also been driving the tanker market can be seen in the fact that although domestic oil production flattened out at some 3.4 mbd, net crude oil imports January to May 2004 increased by 0.7 mbd compared to the same period in 2003 and net product imports increased by 0.3 mbd to 0.7 mbd.

Oil production in India actually stagnated at some 0.8 mbd. Net crude oil imports January to April 2004 were also steady at about the same level as 2003 imports of 1.9 mbd. Net product exports amounted to some 0.14 mbd. Despite its economic development India has limited energy use, probably because much of its development has been within the service sector.

Contacts: Erik Ranheim