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Record High

U.S. Oil Imports Up

U.S. crude oil imports January to June 2001 were above the 2000 level in each month. However, crude oil imports during 3rd quarter were below the 2000-year level for each month. Crude oil imports in August 2001 were about 1.0 mbd below the August 2000 level and the September 2001 level was 0.3 mbd below that of September 2000. Crude oil imports Jan-Sept. 2001 were record high, 0.10 mbd above the Jan-Sep. 2000 level. The highest U.S crude oil imports ever - 9.484 mbd - were recorded in August 2000. U.S. product imports declined dramatically from 3.33 mbd in January 2001 to 2.12 mbd in August, increasing slightly to 2.24 mbd in September 2001. Products imports Jan-Sept. 2001 were also record high, 0.21 mbd above the Jan-Sep. 2000 level. (Source: INTERTANKO News)


GOM Oil Production to Reach Record High

According to a report from the Offshore Magazine, Gulf of Mexico oil production is forecast to increase substantially over the next few years, possibly reaching 1.9 MMb/d in 2013 which would be a record high. This is MMS’ best-case scenario, which factors in industry-announced discoveries and undiscovered resources. (Source: Offshore Magazine)


China Overtakes Korean Shipbuilding

South Korean shipbuilders were overtaken by their Chinese rivals in new orders acquired in the first four months of the year, a London-based market researcher said on Wednesday. South Korean shipbuilders such as Hyundai Heavy Industries Co and Samsung Heavy Industries Co received a combined 6.9 million compensated gross tons (CGTs) in new orders in the January-April period, up 6.9% from a year ago, Clarkson Research Studies said.


Oil Industry: EPA Going “Too Far, Too Fast” On Diesel

The U.S. oil industry locked horns with environmental regulators last week over a new proposal to make diesel burn cleaner. The Environmental Protection Agency (EPA) proposed this spring to reduce the sulfur content in diesel by 97 percent, starting in 2007, as a way of cutting back on toxic emissions. But at a hearing on the green diesel proposal, oil industry representatives said the EPA was going "too far too fast" and that the rule could cause fuel shortages and surging prices similar to


Boskalis Conclude Good Quarter, Raise Earnings Outlook

Dutch dredging & marine specialists, Royal Boskalis Westminster N.V. (Boskalis) report revenue & profit  higher than in the first half of 2012. The order book increased in recent months and stood at a new record high of EUR 4 billion at the end of the third quarter. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results


Black Sea Wheat Exports Could Rise 12% in 16/17

Leading wheat producers in the Black Sea region - Russia, Ukraine and Kazakhstan - are likely to increase their exports by around 12 percent in 2016/17 due to a bigger harvest than last year, analyst UkrAgroConsult said on Tuesday.   It forecast exports from the three countries would total 54.1 million tonnes in the marketing year ending next June.   Their wheat production rose to 114.3 million tonnes this year from 101


ConocoPhillips to Acquire Burlington Resources

Already one of the most aggressive spenders on future supplies, ConocoPhillips CEO James J. Mulva is now poised to make another huge deal: a $30-billion plus acquisition of Burlington Resources (BR), according to a Business Week report. Buying BR would be a giant bet on a red-hot U.S. natural gas market. While Burlington has international operations in Algeria, China, and Latin America, 84% of its reserves are in North America. With U.S


Freight Rates to Fall?

While the international ferver for all things maritime continues to sweep the globe, with record high markets in the construction of ships, boats, and offshore structures, a recent report could serve as the proverbial “shot across the bow” that the market could be starting to cool. With a record number of ships set to enter the market, a recent Bloomberg report said that he cost of shipping coal and iron ore is about to decline as the supply of cargo vessels overwhelms demand.


WSS Expands Network in China

Wilhelmsen Ships Service has opened a new full service office in Ningbo, providing a comprehensive range of ships agency and maritime logistics services. The company now has five offices in mainland China. “Our strategy has been to strengthen our network across China in order to be present where our customers are operating,” said Captain Bi Yuping – General Manager of WSS Ships Agency & Maritime Logistics China.


Elengy Says Received Delivery of LNG Cargo at Fos

French terminal operator Elengy said on Thursday that it had received delivery of a cargo of liquefied natural gas (LNG) at its Fos terminal on Wednesday, and expected to receive six more deliveries in February.   Elengy said it was the third cargo it had received in the month of January.   The delivery could ease supply pressure in southern France where prices hit record highs last week and the spread with prices in the north widened further due to tight supply following a force


Asia Tankers-VLCC Rates to Hold Steady

File image of a typical VLCC underway (Credit: EuroNav)

25 MidEast cargoes still to be fixed; VLCC rates fall to 4-month low.   Freight rates for very large crude carriers (VLCCs), which hit a four-month low on Thursday, are likely to hold around current levels or nudge higher as charterers fix the final charters in February's loading


Oil Exports From Southern Iraq Down in January

Crude oil exports from southern Iraq in January fell to 3.275 million barrels per day (bpd) from 3.51 million bpd in December, as the country complied with an agreement with other producers to reduce output, two oil executives said on Tuesday.


Rare Gasoline Exports Underway from Bloated East Coast Stocks

File Image: AdobeStock

Traders prep rare East Coast gasoline exports; cargoes already sailing with exported distillates.   Traders are preparing to export cargoes of coveted gasoline from the U.S. East Coast after months of heavy importing and local production swamped the region.  


Higher Profits for MISC

Photo:  MISC Berhad

 Liquefied natural gas (LNG) shipping company has released its financial results for the year ended 31st December 2016 which show Group revenue for the quarter and the year were low than the corresponding periods for 2015.   Group profit before tax for the quarter ended 31st December


US Drillers Continue to Add Oil Rigs -Baker Hughes

U.S. oil drillers increased rigs this week for a 21th week in the last 24, as energy firms follow through on plans to add rigs made months ago when crude was still trading over the key $50 a barrel level analysts said should lead to more drilling.  


China's Commodity Party Could Create Lingering Hangover

File image: A VLCC carrying crude oil underway (CREDIT: EurNav)

China has thrown the world's commodity producers and traders a massive party in the last few months, as evidenced by robust figures for November's imports of crude oil, iron ore and coal among others. But as all partygoers know, sooner or later the festivities come to an end


North Asian MR Rates Rise on Strong Winter Demand

© Igor Terekhov / Adobe Stock

The medium range (MR) tanker market in the North Asia has firmed this week, with rates recovering from last month’s lowest levels in 2016 as charterers rushed to fix an influx of fresh cargoes before the holiday season. Rates for the key South Korea-Japan route grew by $20,000 w-o-w to $290


Oil Steady, Supply Outlook Unclear

Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents, or 0


Fresh Hopes in Container Shipping: Alphaliner

Table: Alphaliner

 The new year brings with it fresh hopes for a recovery in container shipping although the market remains fundamentally imbalanced, says an Alphaliner report.   A slew of new records were set in 2016 but most of them marked new lows for a container shipping market that continues to


Iraq Oil Exports Steady Despite Start of OPEC Cut

Oil exports from Iraq's southern ports in the first nine days of January have held steady at December's record high, according to loading data and an industry source, despite the start of an OPEC agreement to cut production.   Shipments so far this month have averaged above 3


Oil Steady; Record High Russian Output Forecast Offsets Weak Dollar

Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output.


Korea's Seaport Cargo Grows

Photo: Busan Port Authority

 The volume of cargo processed at South Korea's seaports reached a record high last year despite a global economic slump and the collapse of the country's leading shipper, Korea Herals quoted the government as saying.   Cargo handled at seaports across the nation totaled 1


Oil Prices Fall as US Drillers Add Rigs

Oil prices slipped on Friday, extending losses after data suggested drilling is ramping up in the United States, easing the focus on efforts by OPEC and other producers to support prices by cutting supplies.   U.S. crude futures for March delivery fell 98 cents, or 1.8 percent, to $52


Record crude oil tanker deliveries adds instant freight rate pressure - BIMCO

The level has been dwarfed by the tremendous amount of deliveries in January 2017. (Image VesselsValue / BIMCO)

On an unprecedented scale, 5.5m DWT of crude oil tanker capacity (up 220% from January 2016), has already been delivered in 2017 (according to preliminary data from VesselsValue.com). January 2017 already accounts for 22% of the crude oil tankers previous year’s total deliveries


Gothenburg Port volumes Rise

Good year for new cars Photo Port of Gothenburg

Freight volumes at the Port of Gothenburg rose by almost three million tonnes in 2016 - up from 38.2 million tonnes in 2015 to 40.9 million tonnes last year. Car exports-imports and energy products enjoyed a particularly successful year with rises of 15 and 12 per cent respectively






 
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