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The post Daily Infographic: America’s energy boom: Crude exports soar to record high appeared first on FreightWaves.
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America’s energy boom: Crude exports soar to record high
As diplomats convene at the United Nations’ COP 28 climate change summit, fossil fuel production and consumption are hitting new highs, and tanker owners are in prime position to profit from rising trade flows.
The Biden administration is a leading proponent of decarbonization, yet the U.S. is pumping out record volumes of hydrocarbons. America is on track to be the world’s largest producer and exporter of natural gas this year, as well as the leading exporter of refined products and liquefied...
https://www.freightwaves.com/news/americas-energy-boom-crude-exports-soar-to-record-high
Daily Infographic: US gasoline prices decline amid lower gasoline demand and falling crude oil prices
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OPEC+ Curbs Spark 85% Rout In Oil Tanker Rates
Benchmark rates for oil-carrying supertankers have collapsed as OPEC+ follows through on a surprise vow to slash supply to shore up prices, reducing volumes shipped across the world’s oceans, says an article published on Yahoo.
Share prices of listed ownersVessels hauling 2 million barrels of crude from the Middle East to China are earning a little over $14,000, down from more than $97,000 on March 20, according to Baltic Exchange data.
That’s dented the share prices...
https://mfame.guru/opec-curbs-spark-85-rout-in-oil-tanker-rates/
US Sees Need For New Gas Investments in Light Of Russia War, Tight Market
- US DOE says price cap on Russian crude, products ‘totally working’
- Others can catch up to China on critical minerals with cooperation
The world “absolutely” needs new gas investment while Russia’s war in Ukraine keeps supply risks high, US Assistant Energy Secretary Andrew Light said April 16 as G7 leaders adopted an agreement acknowledging a role for gas over objections that it should be abandoned to slow climate change, reports SP Global.
Abated natural gasLight,...
https://mfame.guru/us-sees-need-for-new-gas-investments-in-light-of-russia-war-tight-market/
Exxon’s New Crude Unit in Beaumont, Texas
According to those familiar with plant operations, Exxon Mobil Corp. XOM.N recently finished the launch of a new $2 billion crude distillation unit (CDU) at its Beaumont, Texas, refinery, making it the country’s second-largest facility.
Increased capacityThe capacity of the Beaumont refinery has increased to 619,024 barrels per day (bpd) thanks to the new 250,000 bpd Crude C CDU, which places it second only to the Motiva Enterprises MOTIV.UL refinery in nearby Port Arthur,...
Fuel-Tanker Demand Explodes as China and the Middle East Process More Crude
The global oil-refining complex’s centre of gravity is moving dramatically eastward, which is causing a boom in the industry of building ships to transport fuel around the world, as reported by Bloomberg.
PandemicAccording to shipbroker Braemar, this year has seen one of the busiest first quarters since 2013 with orders for up to 38 mid-range tankers. According to shipbroker Simpson Spence Young, the total number of ships awarded international serial numbers this...
https://mfame.guru/fuel-tanker-demand-explodes-as-china-and-the-middle-east-process-more-crude/
Rebounding Russian Oil Flows as India Acquires More Pacific Cargoes
Last week saw a recovery in Russia’s seaborne crude flows, with India now making inroads into the country’s Pacific exports after absorbing the majority of cargoes carried from western ports as a result of an embargo by Europe, as reported by Bloomberg.
Dip in exportsUp to 3.33 million barrels per day in the seven days leading up to March 10, Russia’s shipments made up 40% of the deficit from the previous weeks. The less erratic four-week average increased as well.
https://mfame.guru/rebounding-russian-oil-flows-as-india-acquires-more-pacific-cargoes/
Crude Oil Tanker Company Swings Back To Profit
DHT Holdings Inc, the Bermudian-based crude oil tanker company, has reported net income of $62 million for fiscal 2022 largely owing to a strong fourth quarter, reports The Royal Gazette.
Net profitThat compares to a net loss of $11.5 million in 2021.
The difference between the two periods mainly reflects higher tanker rates, the company said.
Net profit in the fourth quarter was $61.8 million, compared to a net loss in the fourth quarter of 2021 of $2.9...
https://mfame.guru/crude-oil-tanker-company-swings-back-to-profit/
The First Greek Ship Owner To Join Hands With GCMD As Impact Partner
The Global Centre for Maritime Decarbonisation (GCMD) on Tuesday (31 January) said it has signed an Impact Partnership Agreement with Olympic Shipping and Management SA (OSM), committing to a five-year collaboration to accelerate shipping’s decarbonisation across geographies, reports Manifold Times.
Cash contributionOnassis Foundation-controlled Greek owner OSM is the first Greek ship owner and manager to come onboard GCMD as a centre-level partner. OSM’s current...
https://mfame.guru/the-first-greek-ship-owner-to-join-hands-with-gcmd-as-impact-partner/