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Friday, February 12, 2016

Tanker News




Global oil demand growth is forecast to ease back considerably in 2016 - IEA

·                 IEA reports that having peaked, at a five-year high of 1.6 mbd in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mbd, pulled down by notable slowdowns in Europe, China and the US. Early elements of the projected slowdown surfaced in 4Q15. ·                 Global oil supply dropped 0.2 mbd to 96.5 mbd in January, as higher OPEC output only...... Login to view this article


Net oil product fleet expansion reached 8% last year - INGE STEENSLAND

According to INGE STEENSLAND, 2015 experienced one of the highest volume increases in global oil demand this decade as a result of crude price collapse. Worldwide crude demand was around 94.5 million barrels per day, representing an annual increase of 1.8%. This lent inevitably much needed support to the tanker owners who suffered from low earnings since the financial crisis. Although net oil...... Login to view this article


LNG recovery will take time despite strong demand growth

DNB Market say that despite 2016 being set to be the first year since 2011 with significant demand growth for LNG shipping, DNB estimate only a USD4k/day uptick in rates in 2016 due to close to historically weak fleet utilisation.   Looking for upside potential, DNB highlight vessels rolling off old contracts becoming obsolete.   DNB only have marginal changes to our 2016–2018 LNG trade...... Login to view this article


Floating storage may become profitable - IEA

·      IEA reports that exceptionally mild temperatures in the early part of the winter in Japan, Europe and the US, alongside weak economic sentiment in China, Brazil, Russia and other commodity-dependent economies, saw global oil demand growth flip from a near five-year high in 3Q15 (2.1 mbd) to a one-year low in 4Q15 (1.0 mbd). The outlook for 2016 has demand growth moderating to 1.2 mbd.   ...... Login to view this article


Iran sanctions being lifted is positive for our crude tanker view - DNB

Crude prices have come down on the back of continued high (OPEC) oil supply, which is set to continue (Iranian volumes expected) and bodes well for oil demand growth in 2016.   US shale production is finally decreasing (0.1m bpd MOM), which in combination with strong US oil demand and lifting of the crude export ban implies growing crude import (and the export should add cautiously to crude...... Login to view this article


51mt new LNG export capacity coming in 2016, likely to benefit LNG shipping - DNB

DNB reports that Australia Pacific (9mtpa) LNG exports started 9 January, according to Argus LNG. US Sabine Pass LNG (5mtpa per train) will likely commence exports February/March (delayed from January) from its first train, while the first train (of two) from Gladstone LNG (7.8mtoa) is on line. DNB expect a second train from US Cheniere to start H216, as well as the two Australian projects Gorg...... Login to view this article


US crude oil production down 0.7 mbd in 2016 - EIA

EIA report that U.S. crude oil production averaged an estimated 9.4 million barrels per day (mbd) in 2015, and it is forecast to average 8.7 mbd in 2016 (which is back to the 2014 lelvel) and 8.5 mbd in 2017. EIA estimates that crude oil production in December fell 0.08 mbd from the November level.   Natural gas working inventories were 3,643 billion cubic feet (Bcf) on January 1, which was 17%...... Login to view this article


First U.S. crude export shipments likely to reach European destinations

Genscape reports that the night of December 31, 2015, 73,000 dwt tanker Theo T sailed from NuStar’s Corpus Christi, TX, facility, with a declared destination of Trieste, Italy. The afternoon of January 1, 2016, the Malta-registered 115,000 dwt Seaqueen moved from Enterprise Products Partners’ Houston terminal, with a stated destination of Rotterdam. The two shipments mark the first crude export...... Login to view this article


OECD Oil inventory surplus 204 mb - IEA

·                In the October oil Market report, IEA expects global demand growth is to slow from its five-year high of 1.8 mb/d in 2015 to 1.2 mbd in 2016 – closer towards its long-term trend as previous price support is likely to wane. Recent downgrades to the macro-economic outlook are also filtering through. ·                World oil supply held steady near 96.6 mbd in September, as lowe...... Login to view this article


EIA forecast total U.S. crude oil production to decline by 0.4 mbd in 2016

EIA estimates total U.S. crude oil production declined by 0.14 million barrels per day (mbd) in August compared with July production. Crude oil production is forecast to continue decreasing through mid-2016 before growth resumes late in 2016. Projected U.S. crude oil production averages 9.2 mbd in 2015 and 8.8 mbd in 2016. ... Login to view this article