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Saturday, September 22, 2018

MARKET INFORMATION

U.S. oil import increased 5.8% during first half of 2001 – API reports

According to the American Petroleum Institute (API) monthly statistical report for June 2001, U.S. oil imports year-to-date were 11.8 mbd or a 5.8% increase over the first half of 2000. In the first half of 2001 crude oil imports were 9.2 mbd (+3.9%) and oil products imports 2.7 mbd (+12.9%). The 1st quarter of 2001 showed a higher growth than the 2nd quarter. For the first time in nine years the 1ST half of 2001 saw an increase in U.S. oil production, but only 0.4%. U.S. oil production averaged 5.9 mbd during this period. As imports also increased, imports averaged for the first time more than 60% of U.S. oil demand. The 50% mark was crossed in 1994.  It is worth noting that U.S. domestic total oil deliveries (a measure of demand) increased 1.3%, but this is somewhat less than the trend of recent years. Growth in the second quarter of 2001 slowed considerably according to API.

Click here to link to US oil imports.

55 tankers of which 13 VLCCs sold for recycling so far in 2001

55 tankers of 6.5 million dwt (average age 26.2 years), including 13 VLCCs (with an average age of 25.2 years) have been sold for recycling during the first seven months of 2001. Last year a total of 147 tankers of 14.8 million dwt (average age 26.7 years), including 26 VLCCs (average age 25.7 years) were recycled. Of the 55 tankers sold for recycling, 22 or 2.7 million dwt have been sold to breakers in Bangladesh and 11 tankers or 1.6 million dwt to breakers in China. These two countries along with Pakistan dominate the ship recycling market this year.

Click here to link to tanker recycling details/graphs 1990 – 2001.

VLCC fleet shows no growth during the first six months of 2001

Including deliveries and conversions the net change to the tanker and combined carrier fleet this year (first six months) has been only 1.4 million dwt or 17 tankers. In 1999 the fleet increased by 2.7 million dwt (86 tankers) and in 2000 by 7.3 million dwt (27 tankers).  For the VLCC fleet the net change this year is an increase of only 0.2 million dwt (although in ship number terms a reduction of one: as the newer ships have a greater dwt). In 1999 the VLCC fleet decreased by 1.2 million dwt (5 tankers) and in 2000 increased by a total of 5.4 million dwt (16 tankers). 

Click here to link to tanker fleet development details/graphs 1992 to 2001