Crude oil shipping

Houston reports record-breaking cargo volumes in July

Port Houston achieved record-breaking results in July from shipments of auto imports, while Corpus Christi, Texas, and New Orleans saw increases in crude oil and containers, respectively.

Port Houston sees monthly gains in autos, resin shipments 

Port Houston hit a record for monthly container volumes, handling 344,163 twenty-foot equivalent units in July. The monthly total was a 5% year-over-year (y/y) increase compared to the same period last year.

Year to date, the port handled 2.2 million TEUs...

https://www.freightwaves.com/news/houston-reports-record-breaking-cargo-volumes-in-july

Appeals court chides STB for failures in Uinta Basin Railway project review

A three-person panel of judges determined that the Surface Transportation Board’s review of a planned project to construct an 85-mile-long rail line in the Uinta Basin in Utah that would carry crude oil was insufficient and lacked substance in part because it didn’t delve deeply into the project’s environmental ramifications. The decision puts the project into timeline limbo.

“Despite its protestations to the contrary, the Board cannot ignore and, in the past, has not ignored serious concerns...

https://www.freightwaves.com/news/appeals-court-chides-stb-for-failures-in-uinta-basin-railway-project-review

Sanctions on Russian crude and diesel exports are failing

a chart showing premium for loading Russian tanker cargoes

Mainstream European tanker owners have largely abandoned the Russian trade now that the country’s crude and diesel have breached Western price caps. The so-called “shadow” fleet — tankers operating outside Western insurance and financial circles — has taken over.

Western sanctions had two goals: First, keep Russian oil flowing, and second, curb oil revenues to Putin’s military. Goal No. 2 is in major trouble. Russia’s export revenues are increasing as the price of its crude and products rises...

https://www.freightwaves.com/news/sanctions-on-russian-crude-and-diesel-exports-are-failing

Cargo volumes a mixed bag for Gulf Coast ports in June

Container flow in June slipped in Houston, while the global demand for crude oil continued to fuel the flow through Corpus Christi. The Port of New Orleans reported plastic resins, chemicals and coffee as their top containerized cargo during the month.

Steel cargo continues to boost Port Houston volumes

Port Houston handled 315,983 twenty-foot equivalent units in June, a year-over-year (y/y) decrease of 2% compared to last year’s record-breaking monthly total of 323,823 TEUs. 

Roger Guenther,...

https://www.freightwaves.com/news/cargo-volumes-a-mixed-bag-for-gulf-coast-ports-in-june

Russian crude prices have breached the G-7 price cap. Now what?

chart of Russian crude pricing

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The price of Russian Urals crude, exported from ports in the Black Sea and Baltic Sea, is now at or...

https://www.freightwaves.com/news/russian-crude-export-prices-breach-g-7-eu-price-cap-now-what

Shipping faces fallout as China’s post-COVID rebound falls flat

chart showing spot rates from China to the US

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A strong Chinese economy creates a virtuous cycle for ocean shipping. The manufacture of goods...

https://www.freightwaves.com/news/shipping-faces-fallout-as-chinas-post-covid-rebound-falls-flat

European tanker owners make a fortune off Russian oil trade

a chart showing crude and product tanker exports from Russia

The critics were quick to pounce when the EU banned imports of Russian crude and products and the EU and G-7 implemented price caps. It won’t work, they said. There won’t be enough ships to keep Russian trade flowing. Russian diesel and crude production will get shut in. It will lead to a global shortage, causing prices for consumers and businesses to spike. The sanction plan will backfire on Western governments.

None of this happened. The Western plan is working as designed. Russia is being...

https://www.freightwaves.com/news/private-tanker-owners-are-getting-rich-off-russian-price-caps

OPEC+ throws tanker shipping a curveball, shaking confidence

“In classic Murphy’s Law fashion, shipping seems prone to misfortune,” lamented Stifel analyst Ben Nolan in the wake of Sunday’s surprise OPEC+ production cuts. “Things could not have been going more right for the tanker market” until OPEC+ gave tanker owners and investors a “poke in the eye.”

“OPEC+ blindsided oil and tanker markets,” said ship brokerage BRS.

OPEC+ countries, led by Saudi Arabia, agreed to cut production by 1.6 million barrels per day (b/d) starting in May. Analysts say actual...

https://www.freightwaves.com/news/opec-throws-tanker-shipping-a-curveball-shaking-confidence

In search of shipping’s next supercycle: Are tankers next?

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There have been two historic shipping booms since the turn of the century. Could a third be around...

https://www.freightwaves.com/news/in-search-of-shippings-next-supercycle-are-tankers-next

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