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Wednesday, October 17, 2018

Tanker News




Highlights from IEA’s oil market report

·             The forecast of global demand growth remains flat at 0.895 mbd for 2013, as stronger-than-expected deliveries in July offset concerns about the demand impact of currency fluctuations in emerging market economies.   Demand growth is forecast to rise to 1.1 mbd in 2014, as the underlying macroeconomic backdrop solidifies. ·             Global supply is estimated to have fallen by...... Login to view this article


Crude trade down- products up 1H 2013 - McQuilling Services

McQuilling Services have   looked at preliminary trade data for the first part     2013. Crude and residual trade requirements fell at the start of the year as ton-mile demand was pressured by elevated refinery maintenance across the globe that reduced feedstock demand. This, combined with tanker exits slowing to a crawl since the start of the year, magnified the excess availability of tonnage,...... Login to view this article


Record US oil production - again - EIA

U.S. crude oil production increased to an average of 7.5 million barrels per day (mbd) in July 2013, the highest monthly level of production since 1991.   EIA forecasts U.S. total crude oil production will average 7.4 mbd in 2013 and 8.2 mbd in 2014. ... Login to view this article


Order surge for product tankers could 'kill recovery - The Sustainable Shipping Daily E-mail

According to The Sustainable Shipping Daily E-mail, a surge in orders for product tankers may harm the sector's recovery prospects, the Italy-based shipbroker Banchero Costa has warned.   "When a real recovery has not yet materialised, it is clearly unhelpful that owners are now truly rushing to place newbuilding orders," it noted in a report published at the end of June.   Orders for product...... Login to view this article


Highlights IEA July Oil Market Report

·                 Sluggish global macroeconomic conditions remain the leading factor behind the forecast of oil demand growth for 2013, which in the July Report is held roughly flat at 0.785 kb/d. Although the aggregate growth forecast is little changed, the regional distribution of growth has been revised, but the adjustments are mostly small and mutually offsetting.   Global demand is forecas...... Login to view this article


McQuilling belives clean tanker market could face an oversupply of tonnage in the coming years.

Market reports continue to stress the efficiency gains of these orders. However, an oversupply of tonnage will test spot rates, and hence earnings for all tankers, regardless of technical advancements.   The McQuilling highlights the heavy concentration of local trade that is present in clean petroleum product demand. While theoretically possible the potential for these volumes to shift towards...... Login to view this article


Absolute oil demand estimates have been trimmed - IEA

IEA project global oil demand to grow by 0.785 mbd or 0.9% for 2013. Absolute demand estimates have been trimmed on account of revised historical data for Russia. The forecast of Chinese oil demand in 2013 has been slightly trimmed, reflecting lower projections of economic growth. Chinese oil demand is now forecast to grow by 3.8%, down from 3.9% previously. Following the release of its World...... Login to view this article


Shale oil and shale gas resources are globally abundant - EIA

EIA estimates shale oil and shale gas resources in the United States and in 137 shale formations in 41 other countries represent 10% of the world's crude oil and 32% of the world's natural gas technically recoverable resources, or those that can be produced using current technology without reference to economic profitability, according to a new report released today by the U.S. Energy Informati...... Login to view this article


Oil tanker trade growth is fastest in a decade - FT/ICAP

Financial Times says that o il tanker trade is growing at its fastest rate in a decade as the boom in US production forces exporters that in the past supplied the American market to seek new customers further afield.   The number of oil tonne-miles – a proxy for the global oil trade that captures both the volume traded and the distance travelled – surged last year by almost 10 per cent to a...... Login to view this article


VLCCs - 30% oversupply - BraemarSeascope

BraemarSeascope said in their weekly report 2 May: Despite the significantly increased activity from charterers and a bottleneck of cargoes for AG loading VLCCs, very little progress was actually made this week, and certainly no money. Some will congratulate owners for moving the AG/East market up from last week’s levels of ws32.0 to ws35.0, but realistically we are nowhere near where the tradi...... Login to view this article