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Media Mentions

CNBC: Oil Volatility Hits Industry as 'Price War' Weighs
February 05, 2015
"'You're just seeing a huge amount of production coming on. I don't think we expect to see any declines in U.S. output until at least the middle of the year… But in terms of significant production coming off, it is going to take a bit longer,' Jason Feer, head of business intelligence at advisory firm and brokerage Poten & Partners, told CNBC.

..."'By the end of the year, and early next year, you are going to start to see those capex cuts really bite,' said Feer. 'I think something is going to have to give…The price war is really going to continue until somebody blinks.'

"In the short-term, Feer warned that there would be some 'real pain.'

"'You are seeing fairly large shale players in trouble, because they are so highly leveraged,' he said."
 
Tradewinds: Conversion Coup Complete
February 04, 2015
"In a recent client briefing Poten & Partners noted not all shipyards are equipped to build both tankers and bulkers.

The firm, which is based in New York, also argued that many would likely oppose the proposition unless they were approached by prominent owners with deep pockets and numerous newbuildings.
 
Tradewinds: Converts Cast Dark Cloud
January 23, 2015
"In response to concerns about these rumours Poten & Partners issued a report in which it argued that this does not appear to be the beginning of a broader trend. 'We don’t expect that this development will become so widespread that it will pose an immediate threat to the health of the tanker market,' the firm told clients Friday.

"While Poten believes more capesize orders will be converted in the coming months it pointed out that there are a number of obstacles to overcome. The tanker broker noted not all shipyards are equipped to build both bulkers and tankers or lack the designs that would be needed to fulfil the new contract. It also argued that many would oppose the proposition unless they were approached by prominent owners with deep pockets and numerous newbuildings.

“'The shipbuilder will want to ensure that these conversions do not significantly interrupt planned construction and procurement,' Poten added. “'Shipyards are also keen to maintain their profit margins when changing from one vessel-type to the other.' The tanker broker pointed out that there were approximately 336 capesize bulkers on order at Asian shipyards as of 1 January 2015.

"Of these Poten claims nearly 20% are already under construction, which means it’s probably too late to convert these units into another type of tonnage. 'Even if construction has not yet started, a switch to another vessel type is only feasible if the same yard has an existing design and a proven track record of building such vessels,' it added. Of the 38 yards that landed these cape orders Poten claims only 11 are capable of building tankers of a similar size, which eliminates another 104 units from the total number of candidates.

“'If one assumes, which we believe to be reasonable, that the owners that will most aggressively push for conversions are the ones with experience in both dry bulk and tanker markets, the field is whittled down even further,” it continued. Based on this assessment Poten believes only 50 of the capes on order in Asia are realistic candidates for conversion and noted a number of these contracts are already subject to what it described as “active negotiations'.

"As we reported it is widely believed that affiliates of Norwegian shipping magnate John Fredriksen, Cargill and a few other operators have approached shipyards about conversion.

"In addition to the obstacles outlined by Poten industry observers note cost is prohibitive as well, particularly to those that are looking to swap a cape for a suezmax.

"While the conversion craze is, in part, a response to renewed optimism about the future of the tanker market, sources note the trend also serves as further evidence that turbulence in the dry-bulk market is unlikely to end anytime soon."

 
Bloomberg: Mozambique LNG May Propel Africa Past Qatar in Europe Supplies
January 21, 2015
"Mozambique could push Africa above Qatar as Europe's top liquefied natural gas source, aided by offshore discoveries by Eni totaling a confirmed 2.1 trillion cubic meters of potential gas reserves. This mean Mozambique has about 7 trillion cubic meters of reserves, according to ENH, the state oil company. Africa supplied 41% of Europe's LNG imports in 2013 versus 45% from Qatar, according to Poten & Partners."
 
Lloyd's List: Newly Reported West Africa-Europe Suezmax Spot Trade Performing Well For Owners
January 16, 2015
"In terms of charterers, Chevron is the top charterer of suezmax crude tankers on the spot market, according to a recent study by Poten & Partners."
 
Tradewinds: Vitol Tied to Products Tanker Buy
January 16, 2015
"US broker Poten & Partners says it replaced BP as the third-biggest charterer of crude tankers last year. It is also leading in securing VLCCs for storage and this week fixed at least five units, typically for one year each."
 
Platts: China's Unipec Tops Dirty Tanker Market Share in 2014, Shell Second
January 13, 2015
"China's Unipec retained its top spot among dirty tanker charterers in 2014 with 7.8% of total fixtures in the market, shipbrokers Poten & Partners said in a report released over the weekend."
 
Maritime CEO: The Year in Review
January 13, 2015
"However, not everyone is convinced that this new direction for shipping will last forever. Michael Tusiani, Chairman of US brokers Poten & Partners, told readers that the advent of public money and other sources of capital such as private equity and hedge funds has changed the landscape because of the effective separation of the ownership of physical assets from their day-to-day operations.

"'It seems that access to public financing has outweighed the desire for secrecy which the traditional shipowner valued so highly,' he noted. The primary focus of these public shipping companies, he reckoned, is to demonstrate quarterly growth. 'As there is a greater pressure to produce quicker returns, operational integrity could be potentially compromised,' he warned. Most shipowners have put making short-term profit above all else, Tusiani said. 'The long term doesn't seem to matter particularly when capital markets are robust,' he added.

"However, Tusiani does not believe that this new shipping structure -- where ownership is separated from commercial and technical management – will last for a long time. 'As soon as there is a major problem, charterers will not stand for them,' he predicted."
 
Energy Global: H1 2014 LNG Market Round Up
January 13, 2015
"The number of spot charter transactions in the third quarter almost tripled year on year to 52, according to ship broker Poten & Partners."
 
Oil & Gas Eurasia: Oil Plunge Boosts U.S. Natural Gas Imports to 7 Year High
January 12, 2015
"U.S. LNG imports plunged 80 percent from 2007 to 2013, according to Poten & Partners, a global energy broker. Cheniere Energy Inc., the developer of the first U.S. LNG export terminal in decades, expects to begin overseas shipments later this year."
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