According to a new study from Drewry Shipping Consultants, cheaper international oil prices will prove a major boost to tanker trade levels.
Titled "The Outlook for Oil Trades to 1995," the Drewry report says if the spot crude price stabilized around $20 a barrel before gradually rising to $30 between 1990-95, the tanker trade would rise by only about 1 percent per annum to 1.725 billion tons.
However, if spot prices were forced down to $15 by 1992, the oil trade would show a healthy growth of around 3 percent a year by 1995.
If oil prices are forced to much higher levels then, conversely, trade would decline much as it did after the price increases of 1979-80. The decline then in trade would be almost 2 percent a year to about 1,530 tons in 1995. Andy Carpenter, Drewry managing director, said in all cases little growth was likely to occur in 1991-92, and most would take place from 1993 onward.
Trade in refined products will tend to show faster growth than crude oil, the study says. The main growth on products trade routes would be from the Persian Gulf/Red Sea to Japan, North America and Europe.
Following the path of oil prices, consolidation also follows myriad financial crises. What happens next isn’t altogether clear, but the long, deep trough for offshore energy may finally be in our choppy wake.In mid 2017, financial turnaround and financial repairs specialist Alix Partners made a bold statement
for residual fuel operation whether they are for main propulsion or auxiliary purposes. The cost of fuel varies widely as the spot market price of fuel oil fluctuates. Also the cost of lubricant is an expense, which while it is not generally subject to such price variations, may be converted to a fuel equiv
Impact of $50 Oil & Petrobras Implosion on Contracting in the Floating Production Sector The drop in oil/gas prices and ongoing implosion in Petrobras have combined to create a perfect storm in the deepwater sector. More than 170 projects involving oil production floaters and 35 floating liquefaction
to over two million. These ships were acquired last year, mostly from Scandinavian owners, and are mainly tankers of handy size, OBOs (oil-bulk-ore carriers). All 20 ships, with an average age of two to three years, have been placed on charters with international companies, including among
uncertainty about the outcome of the OPEC meeting on March 27 and 28, a number of offshore shares rose significantly during the month. Even though the oil price fell slightly as a result of the meeting, it is obviously within a price range that is considered as comfortable by investors. The two share
of offshore rigs, vessels and various support services, as they scramble to keep equipment working and their heads above water during one of the worst oil downturns in 30 years. From a high of $108 per barrel in June of last year, prices plummeted roughly 60% as supply surpassed weakening demand, crashing
Moheshkhali Island (Excelerate) • Jebal Ali #2 (Excelerate) • Hoegh Cartagena (Hoegh) • Hoegh Speculative (Hoegh) Impact of $45 oil and the Petrobras Investigation The huge drop in oil/gas prices and ongoing financial investigation in Petrobras have combined to create a perfect
is cutting environmental barriers, opening new areas to E&D and plans tax cuts to encourage domestic energy development Faster pace of rebound in oil company capital spending – ExxonMobil, BP, Hess have increased their capex budget for E&D in 2017, reflecting a more bullish near-term outlook for capital
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that the long-held promise of deepwater offshore discovery and recovery is well-positioned to pay off, particularly in the face of $30+ barrels of oil. As technology has increasingly allowed oil companies and offshore drilling firms to more accurately find and evaluate potential drilling hot spots
from the Middle East. Between 1985 and 1991, chartering volumes in the spot and period markets rose strongly, against a background of growth in crude oil and refined products movements. The widespread improvement in freight rates brought about a corresponding improvement in cash flows for vessels
.S. Navy, NOAA, and vari- MacGregor, part of Cargotec, com- pleted the construction of FibreTrac, the the most signi? cant cost-saving advan- ous offshore oil installations. All equip- ? rst ? ber-rope offshore crane to enter the tages seen in decades. FibreTrac is able ment is manufactured in the U.S
former Second Lady of Scrubber Delivered tric Boat. More than 10,000 shipbuilders from the United States and the ship’s sponsor, The very large crude oil carrier (VLCC) The submarine is the second ship to be Newport News and Electric Boat have during a ceremony in October 2018. Tanzawa, the ? rst
nm in and ity and cost effectiveness to the bene? t pair of FCS 3307 high-spec include Damen’s trademark Axe Bow around Nigeria’s coastal and offshore oil of Homeland’s clients. The decks allow patrol vessels to be operated hull form that is designed to deliver ex- ? elds. The security packages installed
14 ft./4.25 m sel built for the operator by Richardson Devine Construction Marine grade aluminium Marine. The 500-passenger, 35 knot vessel fea- Fuel Oil 4914 gallons / 18 600 liters tures the operator’s trademark parallel boarding Fuel Oil (Day tanks) 1057 gallons / 4 000 liters system, whereby ?
Laza- rev, a prominent Russian admiral and explorer known for his discovery of Antarctica. The tanker was ordered by Sovcom? ot to transport crude oil for the Novy Port project, under a long-term agreement between Sovcom? ot and Gazprom Neft. The ceremony was attended by Oleg Melnikov, Vice-Gov- ernor
M MARITIME MEDICAL CREW CARE “Medical care has to be managed by medical professional companies to ensure that cases are handled in the most ap- propriate way, crew members get highest quality of medical care at the most reasonable price. Additional requirements of GDPR put even additional pressure to
M MARITIME MEDICAL CREW CARE Crew Care: Managing Mariner Medical Care By Joe Keefe he competent authority shall as the population on shore enjoys. But, the embarking any mariner, a trusted 2012. There are several key aspects to require that, prior to begin- that’s not always the case. In case of
Plug-In Hybrid for CEMS applications where condensed wa- ExxonMobil is supplying Mobilgard ter is not present in the ? ue gas. Consisting ADL 40 engine oil for Color Hybrid, Color of a stack-mounted probe and separate con- Line’s latest addition to its ? eet of ferries. trol unit, 4650-PM’s forward scattering
are switching to more expensive than HSFO, the poten- levels of re? ning required for LSFO and While the car’s emissions were lower low sulfur fuel oil (LSFO), but this will tial savings (i.e. savings gained from other distillates (such an upgrade would in GHGs, once the full production pro- mean
S SHIPMANAGEMENT FLAG “As a shipping company that is part of an oil company, our pri- mary role is managing marine risk, our secondary role is trans- porting oil.” Steve Herron, GM of Fleet Operations, Chevron Shipping Photo: Chevron and develop. A certain trust has devel- tal regulations adopted by the
ron Shipping. shaping global regulations at the Inter- Cand more, shipowners are de- ping companies make decisions that lead The business of transporting oil for national Maritime Organization (IMO), manding high levels of standards from to long-term success. Low taxes and low Chevron is not motivated
in- that her organization grows in step with installed, it an issue that everyone is fo- ber of early adopters, there is a growing dustry is a well-oiled machine, and it is an ever-changing industry. “I love being cused on.” reference list, particularly coming out also very adaptable. So if there
VOICES NICK BROWN, DIRECTOR OF MARINE AND OFFSHORE, LLOYD’S REGISTER what we believe will be prototype ves- LR research suggests that the cheap- as weather routing but these can only Digitalization has also enabled LR to sels, contracted and constructed in the est zero carbon fuels are going to be go
VOICES NICK BROWN, DIRECTOR OF MARINE AND OFFSHORE, LLOYD’S REGISTER 5 minutes with LR’s Nick Brown By Greg Trauthwein “LR research suggests that the cheap- est zero carbon fuels are going to be at least double the price of fuels today.” Nick Brown, Lloyd’s Register Photo: Lloyd’s Register To kick things
lift vessel (launched as a kind of positioning. leading the ELICAN consortium which ening, as well as modi? cations to the ‘Swiss army knife’ for the oil industry The slip joint connection was designed has designed and installed a 5MW pro- tank arrangement to enhance the proba- during its boom in 2013)
ENVIRONMENTAL GREEN SHIP RECYCLING n May 2014 National Geograph- is tremendous pressure from both gov- The Wrong Way to Recycle A Vessels a cash buyer, the new owner will use a ic wrote an in-depth article on ernment regulators and within the ship- To place pressure on both shipowners number of different
SHIPBUILDING USCG POLAR SECURITY CUTTER vessel to reach the North Pole unaccom- transits to get on station and conduct Mardiros. The number one mission for panied—but it is designed primarily for operations with limited or no logistics the new PSC will be to carry out the an- Meet The “Fleet” scienti?
every Arctic Urgent requirement provider and operator of the U.S. polar ral resources there,” said Coast Guard nation in key strategic areas, such as oil The Coast Guard’s icebreaking ? eet capable ? eet but currently does not have Vice Commandant Adm. Robert Ray, and gas development, ports, railways
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started in the energy industry at 16 working at an The company that I was running was bought by Hous- When I left the vessel I was the Damage Control As- oil storage depot in New York Harbor, working there ton Marine Services, so we moved from the Port Ar- sistant, which was normally an engineering function
Financiers also note the overhang of commodations with its lenders. Its daily region for jack-ups again.” utilization and dayrates. The marketed older oil service vessels in the market- business will continue while discussions Privately held Edison Chouest, ac- utilization for both jackups and ? oaters
WORKBOATS THE OSV MARKET CAROLYN CHOUEST: Edison Chouest vessel working Paci? c waters. he fate of Offshore Service oil, slightly higher (with temporary (but slight) jit- for an uptick in 2020 and 2021 with Photos: Iain Cameron Vessels (OSVs) is, natural- nearby at around $60/ ters as an Iranian
WORKBOATS THE OSV MARKET OSV Market Which way is Up? The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an eco- nomic slowdown – whether cyclical or in- duced by a trade war – have weighed heav- ily on oil prices, even in the face of reduced