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Tanker operator Teekay plans to issue $200 million of new capital in the form of shares and convertible notes, adding 11% to its equity capital and refinancing 5% of its debt. That pales next to the $8.1 billion of new capital raised across the shipping industry in 2017, but suggests contin... Read more →
The third quarter earnings season for the tanker and bulk carrier operators are likely to be miserable. While specialists such as LNG carrier Nakilat and chemical carrier Stolt-Nielsen have reported modestly better figures, most of the industry will see falling revenues and profitability. N... Read more →
Global demand for crude oil continues to grow unabated. U.S. imports climbed 11% on a year earlier in August, a tenth month of growth. There was probably a drop in September, based on EIA data, as a result of hurricane disruptions. That cut demand from Chevron for seaborne crude by 58% and ... Read more →
The prolonged period of growth in U.S. oil imports came to an end in August, with a 5% drop in volumes imported by all modes on a preliminary basis. Panjiva data shows there had been 11 months of growth in the past 12 as at July 31, resulting in a 12% expansion on a year earlier for the 12 ... Read more →
U.S. crude oil import growth ground to a halt in June, rising just 1% on a year earlier after 24% in May. That was the result of shipments from south America dropping, including Venezuela’s 19% slide. They also lost market share to Iraq, which jumped 73%. EIA data suggests the import slide ... Read more →
U.S. trade in crude oil rallied for a seventh month in May with imports climbing 24% on a year earlier, their fastest rate of growth since at least 2010. Exports increased 57% to a new high, though they are still only 15% of total imports, leaving energy independence a long way off. Shipmen... Read more →
U.S. crude oil imports rose 12% in April, and likely increased another 7% in May. The stated energy policy of the Trump administration is to cut reliance on OPEC. In that regard exports by the U.S. rose 69% but net imports still increased 5% in April. Supplies from Iraq overtook those from ... Read more →
U.S. oil independence from OPEC – part of President Trump’s America First Energy program – came a step closer in February as crude oil exports jumped 187% on a year earlier to a new high. Imports also increased by 5%, so exports were still just 17% of imports. The biggest loser ... Read more →
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