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Saturday, October 20, 2018

Tanker News




About to enter high season with VLCC rates at USD40,000/day - DnB

DnB refers to Reuters, saying oil traders have started fixing crude tankers to bring North Sea, West African and Arab crudes to South Africa for storage to repeat the super profits enjoyed in 2008-2009. The location leaves traders with the option of selling crude both East and West. South Africa’s Saldanha Bay has a large oil storage terminal with capacity of 45 million barrels, equivalent to 4...... Login to view this article


Iran plans to build oil pipeline beyond the strategic Strait of Hormuz - IranFocus

IranFocus reports that a senior official says Iran is planning to build a new oil terminal beyond the strategic Strait of Hormuz. Akbar Torkan, a senior trade official, is quoted by the semi-official ISNA news agency as saying Tuesday that the new terminal will be at Bandar Jask port on the Oman Sea. Iran's sole major crude export terminal is at Khark Island in the Persian Gulf. Torkan didn't...... Login to view this article


Unprecedented newbuilding slippages help the tanker markets - Lloyd’s List

Lloyd’s List reports that EXCEPTIONALLY high slippage will soften the impact of vessel deliveries from the global tanker orderbook , according to consultancy Drewry. Slippage refers to the situation when newbuildings in the orderbook are not delivered from the shipyards onto the water on time. A high level of slippage is seen as a good thing for the tanker market — it means that deliveries of...... Login to view this article


Shipowners are still cautioned not to over-do the ordering in the grander sense - Poten

Poten reports that the current orderbook for tankers, 30,000 deadweight and larger, is 66.1 million deadweight tons ( m dwt) through 2017. What is the most interesting about these statistics, however, is not the incremental capacity that has been ordered this year, but that the reported new orders do not account for the differential between the January 2014 orderbook and that of today. At the...... Login to view this article


Crippling problems of shale oil and gas - FT

Mr. Martin Gooch UK, writes in FT August 12, 2014 about the crippling problems with shale oil production, ie, its catastrophic depletion rates and horrendous costs.   First he said, a good shale oil well, fully fracked, may produce in the region of 500 to 1,000 oil barrels a day, when it first starts producing. This is abysmal compared with a conventional oil well that typically produces in the...... Login to view this article


Contango has opened up and could boost the VLCC market - DnB

DnB market report says that storage could lead to an even tighter supply side. With 624 VLCCs in the fleet and with 69 VLCCs available in the Arabian Gulf next 4-weeks, floating storage will have an impact on the already tight supply side. We forecast crude fleet growth of 1.3% in 2014, -0.4% in 2015 and 3.6% in 2016 (predominantly due to our expectations of increased ordering for H2 2016).  ...... Login to view this article


US oil production in July the highest since April 1987 - EIA

EIA’s   Short-Term Energy Outlook says that the market's perception of reduced risk to Iraqi oil exports and news regarding increasing Libyan oil exports contributed to a drop in the Brent crude oil spot price to an average of $107 per barrel (bbl) in July, $5/bbl lower than the June average.  EIA projects Brent crude oil prices to average $107/bbl over the second half of 2014 and $105/bbl in...... Login to view this article


Crude oil demand down-rated, stocks up in July - IEA

IEA ’s August oil market report says that the global oil demand growth forecast for 2014 has been lowered to 1.0 mbd on lower-than-expected 2Q14 deliveries and a weaker GDP outlook from the IMF. Growth is set to accelerate to 1.3 mbd in 2015 as the economy improves. Baseline demand estimates have been raised to reflect new 2012 non-OECD annual data.   Demand growth should then accelerate in 201...... Login to view this article


China imports record-high crude from Iran - Fairplay

According to Fairplay . China has imported 630,000 barrels of crude oil per day in the first half of 2014, up by 48% year on year from 424,000 barrels per day in 1H13, according to data released by Chinese Customs on Monday.   This is a new record for crude import from Iran to China in the first half of a year, and it accounted to about 10% of China’s crude oil import in 1H14.   China’s crude...... Login to view this article


China Adds to its Strategic Petroleum Reserve - IEA

IEA says that despite the opacity of information concerning China’s crude oil Strategic Petroleum Reserve (SPR), available data suggest that up to 73 mb of recently completed SPR capacity was filled during 2Q14 at an average of 0.800 mbd, marking the first additions to the reserve since early 2012. Recent assessments of stock builds are based on the ‘gap’ between crude supply (net imports plus...... Login to view this article