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Media Mentions

Fairplay: America debuts field condensate exports
July 24, 2014
"Poten & Partners cited two key takeaways from the rulings: 'One, this could be the first real inkling of Washington getting hip to the ability of producers to find ways around arcane regulations. Two, a multibillion-dollar industry could potentially change overnight with the stroke of a pen.'...Poten & Partners believes that 'while an actual reversal in the export ban is very unlikely before the mid-term elections in November, these [condensate] developments should be taken seriously. The public reaction, seemingly muted at the moment, may suggest that crude oil exports are more palatable than was historically assumed.'"
 
Lloyd’s list: Crude tankers win time charters as market focuses on floating storage
July 24, 2014
"US broker and consultancy Poten & Partners elaborated on this in a recent note. 'What is likely to happen is that oil companies with barrels on the water might exercise floating storage clauses (which are common in many charter parties) or simply sit the vessel and incur demurrage,' it said. Behind the possibility of increasing floating storage is oil price movement. The Brent oil price curve has moved into contango, which means the spot price is lower than the future price. The driver of the contango 'is the sense that the market feels well supplied today (spot), but that it could be undersupplied in the future (forward); hence, the higher relative price,' explained Poten. As well as tankers used for storage, tankers will be used to move crude between floating storage vessels within certain regions. 'The longer-term knock-on result could be renewed employment for suezmaxes and aframaxes shuttling crude oil around the Atlantic,' said Poten. More vessels being used as floating storage will reduce the number of ships competing against each other in the freight market. 'If more ships are in storage, key markets, like the Arabian Gulf, could experience shortened tonnage availability in the coming months,' added Poten."
 
Lloyd list: MOL fixture boosts VLCC market rate
July 23, 2014
"Other factors could also play a role in boosting freight rate earnings for crude tankers in the coming weeks. The current development of the oil price means that oil could be held in vessels as floating storage, with the oil sold at a later date for a higher price, according to a recent report by Poten & Partners. With more vessels in storage, 'key markets, like the Arabian Gulf, could experience shortened tonnage availability in the coming months', said the report."
 
Hellenic Shipping News: Tanker trade in the US not free from risk, despite recent US decision on oil exports
July 07, 2014
"Poten (& Partners) noted in a recent analysis that 'the express permission via a Private Letter Ruling by the Department of Commerce Bureau of Industry and Security (BIS) that grants two companies, Pioneer Natural Resources Co. and Enterprise Products Partners LP, the ability to export stabilized condensate does raise some existential questions. The grey area results from the apparent catchall definition of condensate. Condensate is a petroleum liquid defined by an API gravity range (50-55°, up to that of NGLs) that is generally painted in two broad strokes: plant condensate or lease condensate. The BIS defines lease condensate as crude oil, and as such, it is subject to export restrictions. Lease condensates are often stabilized at the extraction site in order to remove some of light ends. Plant condensate, on the other hand, is separated from natural gas when it is removed at a gas processing plant. In a nutshell, the WSJ article and BIS permits raise questions and highlight the debate as to what constitutes processing, or refining, or manufacturing, which would make these hydrocarbon streams to be eligible for export', Poten noted."
 
Eco-Business: Is volatile fuel used in racing cars a new power source for ships?
July 07, 2014
"Global IMO curbs will lower emissions to 0.5 per cent in 2020 or 2025 from the existing 3.5 per cent. The controls have led shipping firms to consider alternative fuels as methanol, which is sulphur free and has low levels of nitrogen oxide, as well as low-sulphur diesel and LNG. Methanol is cheaper than LNG, which costs between $900 and $1,100 a tonne, including port and storage costs, according to maritime services consultant Poten & Partners."
 
Tradewinds: US Commerce Department ruling sparks reality check
July 07, 2014
"Leading US tanker broker Poten & Partners also took aim at the mainstream media’s reaction to the Commerce Department ruling, in a report that provided a detailed explanation of the differences between crude and condensates, and explored the implications of the agency’s ruling."
 
Lloyds List: Suezmax crude tankers - the surprise pick for investors
July 04, 2014
"[A] recent report by Poten & Partners noted that more West African cargoes are being absorbed by Europe. Some 114 fixtures on that West Africa to Europe route were reported in 2009, but this year it could show more than 230 fixtures, noted Poten. 'Europe's appetite for Nigerian and Angolan barrels has staved off West Africa's loss of total market share', the broker argued. As such, West African fixtures, as a percentage of total reported spot fixture volumes, have declined only modestly from 38% in 2009 to 31% this year, it observed. In addition, the number of suezmax fixtures reported from the Middle East Gulf has increased, with longer voyages, boosting tonne-miles. Fixtures from the Middle East Gulf could top 530 this year, nearly double the number five years ago, Poten forecast. Online valuation service VesselsValue has noticed the potential offered by suezmaxes to investors. At the recent Marine Money event in New York, it argued that suezmaxes were possibly one of the more interesting investment opportunities right now."
 
Fairplay: FLNG projects face financing challenges
July 04, 2014

"Despite all the positivity about floating LNG (FLNG) vessels being able to monetise stranded gas resources, financing remains a challenge, said tanker consultancy Poten & Partners. This is largely because FLNG is a relatively new concept.

"Poten said: 'Ideally, commercial banks would like to see an FLNG operating track record before they consider providing funding via a project finance structure because they have little appetite for new technology risk. Even if they embraced it, banks would charge a hefty premium.'"

 
Marine Link: Redefining Refining & U.S. Government Policy - Analysis
June 30, 2014
"A recent WSJ article and BIS permits raise questions and highlight the debate as to what constitutes processing, or refining, or manufacturing, which would make certain hydrocarbon streams to be eligible for export. Poten & Partners explore further in their latest 'Poten Tanker Opinion' as follows: This week’s kerfuffle was prompted by a Wall Street Journal (WSJ) article that boldly claimed: 'The Obama administration cleared the way for the first exports of unrefined American oil in nearly four decades, allowing energy companies to start chipping away at the longtime ban on selling U.S. oil abroad.'"
 
Gulfship News: Expect stockpiling, Poten warns on Iraq chaos
June 15, 2014
"New York: New York tanker broker has highlighted the grave disruptions hitting Iraq's oil supply chains as the country descends into severe political chaos."
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