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Title: Oil-Tanker Forecasts Cut by DNB as U.S. Shale Boom Curbs Imports
Source:
Bloomberg
URL Source: http://www.bloomberg.com/news/2012- ... -shale-boom-curbs-imports.html
Published: Oct 1, 2012
Author: Michelle Wiese Bockmann
Post Date: 2012-10-01 12:03:22 by Brian S
Keywords: None
Views: 3179
Comments: 4
Earnings for the biggest crude tankers will be 25 percent lower next year than previously estimated as increased U.S. shale-oil production curbs imports into the country, DNB ASA said. Very large crude carriers will earn $21,000 a day on average in 2013 and $22,000 in the following year, 24 percent below its prior estimate, the Oslo-based bank said in a report dated Sept. 27. Smaller Suezmax vessels will bring in $18,000 daily next year, a 25 percent reduction. “U.S. seaborne imports of crude oil are set to be dramatically reduced in the coming years, mainly due to the large expected increase in domestic crude production,” analysts including Nicolay Dyvik said. “All else equal, this will be negative for the crude oil tanker market.” Annual imports into the U.S., the world’s biggest oil consumer, are set to fall by 550,000 barrels a day, DNB estimated. Each VLCC can hold 2 million barrels of crude, double the capacity of a Suezmax.
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#1. To: Brian S (#0)
No real surprise for those of us who are awake. SUPER. Except that the 'Surplus' is coming from Demand Destruction.... The USSA is Moving to energy independence. Just not the way people expect it to.....8D "To the technologist, the obvious solution to our crisis is to deploy more machines so as to eliminate the productivity shortfall. Besides the techies, this is the argument of the so-called ‘free market’ types keep making over and over. Give us more productivity (machines), ‘innovation’ (machines), ‘entrepreneurs’ (machines) and old time religion (hard currency) and there will be paradise tomorrow! The flip side of the argument is that everything but the machines must be sacrificed or tomorrow will be a disaster! To satisfy technology, our parents are tossed into the furnace their pensions are stolen. Payments to the seniors must be suspended or nothing will remain for machines (with real numbers to prove it). Of course the children and the grand-children were consumed a long time ago. There is nothing left, the machines have burned it all, what remains is to take what little capital remains, feed that into the fire then jump in after it!" By Xmas.
And look carefully at the chart, CE provided, above. There is Only a Chaos Theory chance (3% or less :twisted: ) of that 'pile driver' of a chart's pricing, recovering from this for at least 25 years. For it to move up to the 1000 level would be a superlative accomplishment.
And Of Course ALWAYS note that the Recession of 2001 started Well before 9/11.....;}
Earnings for the biggest crude tankers will be 25 percent lower next year than previously estimated as increased U.S. shale-oil production curbs imports into the country, DNB ASA said.
"I am relying on my personal experience with Morons, which have been universally positive." -jwpegler
#2. To: Capitalist Eric (#1)
#3. To: All (#2)
#4. To: All (#3)
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