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Friday, November 16, 2018

Tanker News




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


DnB postpones LNG recovery

DNB’s proprietary liquefaction survey postpones recovery to 2018. This summer DNB has collected data from all liquefaction plants globally, making us reduce expected tonne-mile demand growth from 11% to 0% for 2015. 2016 also looks weaker, with growth of 14% compared with previous expectations of 16%, while 2017 now looks relatively strong as DNB expects tonne-miles to increase another 14%.  ...... Login to view this article


Global oil demand revised up - IEA

·      IEAs August Oil Market Report says that global oil demand in 2015 is expected to grow by 1.6 mbd, up 0.2 mbd from our previous Report and the fastest pace in five years, as economic growth solidifies and consumers respond to lower oil prices. Persistent macro-economic strength supports above-trend growth of 1.4 mbd in 2016. The latest Chinese oil demand numbers show relatively robust gai...... Login to view this article


Aframax Market’s Impact On The Clean Tonnage Supply – Inge Steensland

The economics behind changing grade vary from company to company, but on a general basis, the governing factor is the prospects of clean vs dirty markets. Further, one needs to take into account costs such as cleaning expenditures and potential temporarily fall in earnings when ships return to the clean tanker world. Aframax owners trading dirty are currently enjoying strong earnings. Baltic...... Login to view this article


Asian demand for US LPG is much stronger than expected - DNB

DNB reiterate their positive stance on 2015 VLGC spot rates while DNB have raised their rate forecasts from USD16,000–17,000/day to USD50,000/day for 2016 and USD30,000/day for 2017, as the share of US exports heading to Asia is much higher than DNB expected. Also, momentum from US unconventional production implies higher LPG production in 2015 and DNB are still not too worried about the risk o...... Login to view this article


DNB expect crude tanker tonne-miles to grow by 4% in 2015

DNB expects 2016–2017 crude tanker tonne-mile demand to grow by 4%, up from -2% in 2015e, with volume growth of 2%, up from 1% in 2015e. DNB has a positive view on the sector, underpinned by changing trading patterns, with Asian tonne-mile absorbing the US shortfall, OPEC releasing its spare capacity, growth in and reallocation of refining capacity, together with their view that US crude export...... Login to view this article


Chemical Shipping driven by the product tanker market - Drewry

According to Drewry Chemical tanker Forecaster, c hemical shipping faces another tough year, but prospects are improving thanks to the strength of the product tanker market which is attracting a growing number of swing ships out of chemicals into products, according to the latest edition of the Chemical Forecaster , published by global shipping consultancy Drewry.   Drewry estimates that seabor...... Login to view this article