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Thursday, October 18, 2018

Tanker News




US oil production 9.3 mbd in 2015 the highest since 1972 - EIA

EIA expects liquid fuels production from countries outside of the Organization of the Petroleum Exporting Countries (OPEC) to grow year-over-year by a record high of 1.9 million barrels per day (bbl/d) in 2014. The United States and Canada together are projected to account for almost 70% of total non-OPEC supply growth this year.   EIA estimates that U.S. total crude oil production averaged 7.5...... Login to view this article


Improved vehicle fuel efficiency hits US gasoline imports - Lloyd’s List

Lloyd’s List reports that   seaborne imports of gasoline into the US on product tankers from Europe face further steep declines, based on the government’s forecast of a sharp fall in car and light truck use in the US in the years to 2040.   A 25% reduction in energy consumption by these light vehicles will occur between now and 2040, according to the US Energy Information Administration’s short...... Login to view this article


Oil demand revised up - IEA

·                 IEA reports that The estimate of global oil demand for 2013 has been revised up by 0.130 mbd, to 91.2 mbd , on stronger-than-expected 3Q13 OECD demand growth of 0.320 mbd. Global demand is now seen advancing by 1.2 mbd in both 2013 and 2014, to reach 92.4 mbd in 2014.   ·                 Global oil supplies increased by 0.310 mbd in November to 92.3 mbd, as non-OPEC crude outp...... Login to view this article


U.S. crude oil production the highest monthly level since 1988 - EIA

Estimated U.S. crude oil production averaged 8.0 million barrels per day (mbd) in November, the highest monthly level since November 1988.  EIA expects U.S. crude oil production will average 7.5 mbd in 2013 and 8.5 mbd in 2014. ... Login to view this article


• IEA raises the estimate of global oil demand for 2013 marginally

·                 IEA raises the estimate of global oil demand for 2013 marginally following stronger-than-expected 3Q13 European demand. Demand growth is projected at around 1.0 mbd for 2013, gaining momentum to 1.1 mbd in 2014 as the underlying economy continues to improve. o       The US demand forecast has been curtailed modestly, with growth of 0.5% now expected for 2013. o       Estimates...... Login to view this article


IEA expects US oil displace Saudi Arabia as the world’s biggest oil producer in 2015

Financial Times reports that The International Energy Agency has sounded the alarm about a potential oil supply crunch and higher prices as key Gulf producers delay investment in the face of surging US shale output.   In a strident warning against complacency in the oil market, the developed world’s energy body said key Gulf producers have been adopting a “wait and see approach” to investment,...... Login to view this article


China product surge - TradeWinds

TradeWinds reports that China’s product exports are expected to surge in the fourth quarter of this year, according to research by Barclays.   The UK bank says the government has granted sharply higher export quotas to China’s two biggest refiners.   “The government granted product export quotas of 5.5mt to two oil majors for the fourth quarter, almost triple levels seen in the third quarter,”...... Login to view this article


Eco design savings are 10%, not 30% - DnB

DNB comments after a 10 days Asia Shipping Roadshow from in Japan, Korea, China and Singapore:   Eco design savings are 10%, not 30%. Yard representatives said improvements in fuel efficiency, on a like-for-like basis, are c10% (in line with our estimate), of which the main engine and larger propeller together account for 7%-points, and hull optimisation and energy saving devices account for...... Login to view this article


Jones Act vessels full steam ahead for US energy explosion - Seatrade

This week saw more evidence of the impacts of the US “energy renaissance” on both the tanker and the offshore sectors. An order for two more Jones Act tankers was announced; this time, with Seabulk Tankers, wholly owned by Seacor, set to build two more vessels at NASCCO, in San Diego.   The vessels, which will haul refined products in the coastwise trades, are of a similar design to four ships...... Login to view this article


China will need VLCC newbuildings - Fairplay

CHINA, expected to account for the most growth in crude imports in coming years, will need to have more VLCCs built, Teekay Tankers said today.     Matthew Blake, Teekay’s business development chief, told delegates at the International Shipping Strategic Development Forum in Shanghai that China’s oil demand is expected to reach to 10M barrels per day in 2013 and 12M b/d in 2018.     Crude impor...... Login to view this article