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EIA says 2016 was a good year for the US petroleum industry

Posted by PortVision on Feb 7, 2017 6:07:00 AM

The US Energy Information Administration (EIA) has determined that using real-time export data provides more accurate weekly petroleum statistics. The export data will now be provided by US Customs and Border Protection where previously it was estimated from monthly US Census Bureau reports which interjected an emphasis on market volatility.

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Iran struggles to find enough ships for its oil exports

Posted by PortVision on Jun 15, 2016 6:07:00 AM

With the lifting of 2011 and 2012 EU sanctions, Iran is eager to regain its markets for oil exports around the world, but it is struggling to find enough ships to ramp up those exports.

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The Case of the Contango: Supertankers used to Hoard Crude for Later Sales

Posted by PortVision on Jun 1, 2016 6:07:00 AM

With continuing low oil prices globally, countries and companies are stockpiling vast quantities of oil. A recent CNN Money article emphasizes China's aggressive policies to build its strategic oil reserves in this regard. The 440,000 ton TI Europe has been leased by China's state owned oil company, Unipec. It is anchored just off the coast of Malaysia in the Strait of Malacca holding 3 million barrels of oil. It is costing China $40,000 a day to store the oil until it is sent to China in smaller ships.

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The Repeal of Crude Oil Export Ban

Posted by Chris Leslie on Jan 12, 2016 7:08:00 AM

Congress placed a moratorium on exporting domestically produced crude oil 40 years ago. On Oct. 9, 2015, the U.S. House of Representatives approved H.R. 702, a bill that would repeal what many supporters claim to be an outdated law. As typical with these bills, balloting toed the party lines. Since then, the lifting of the ban has become a key component of a broader tax and spending bill.

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Supertankers Being Used for Oil Storage at Sea

Posted by PortVision on Jun 2, 2015 9:05:00 AM

Currently low oil prices have developed into some long-term bookings of supertankers, not for oil transport, but for crude oil storage. As reported by Reuters, oil traders Vitol, Trafigura and Shell are planning to store excess crude at sea until prices rebound, perhaps months from now. According to
Bloomberg, in 2014, oil prices collapsed 48 percent. What’s more, the market continues to be in contango, an environment where oil priced for future delivery is higher than spot prices.  This could prove beneficial for tanker owners.

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