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| To Fish or Cut Bait | | For anyone monitoring the tanker market, the precipitous drop in VLCC freight rates over the past two to three weeks is difficult to miss. While charterers are enjoying a respite from 2008’s earlier freight rate frenzy, some shipowners are now left scratching their heads asking “what happened?” View | | South Africa Poised To Join LNG Import Club | | South Africa could soon join Argentina, Brazil and Chile in the southern hemisphere’s import club. The Petroleum, Oil and Gas Corp of South Africa, better known as PetroSA, closed a five-month tender for two shipboard regasification vessels and two disconnectable buoy systems on July 1. PetroSA is looking to charter the vessels for five to 10 years. View | | As Demand Withers | | Ah! The joys of summertime: barbeques, picnics and best of all –
vacations! Traditionally, this time of year sees throngs of Americans
zoom off in their vehicles to relaxing destinations. Judging by the
recent trail-off in the Energy Information Agency’s (EIA) assessment of
gasoline supplied, however, Americans seem to be zooming noticeably
less this year than they have in past ones. View | | Subsidized LPG and the Black Market in India | | India is a huge LPG retail market. The number of registered customers reached 100 million in April 2008. Annual sales are close to 12 million tons and growing at 5-6 percent per year. However, this market is being supported by Government price subsidies on household cylinders, subsidies which have caused market distortions and resulted in the illegal diversion of the subsidized LPG for home use to the non-subsidized commercial sector.
View | | Going for the Gold | | The moment of truth has arrived for those market forecasters that
have long viewed the Olympics in Beijing as a pivotal point in
determining the sustainability of Chinese oil demand growth. The
economic growth in the country has been undeniable for the past few
years. Hosting the Olympic Games, with its associated privilege,
created a timeframe in which China aimed to meet certain development
milestones. View | | Bargain Hunting | | Newbuilding asset prices have continued to escalate through
2008 to date and are strikingly above long-term historical averages.
Since January of this year, VLCC prices have increased almost $10
million to a current assessed level of $158 million. The other large
crude oil carriers, Suezmax and Aframaxes have increased a more
modest $6.5 and $4.5 million respectively. View | | Deconstructing Demand | | Although crude oil prices have been over $100 per barrel for
several months, worldwide demand has yet to be materially affected.
Some recent evidence indicates that demand in the United States may
now be on the decline; in addition, it seems that United States
consumption might be losing its title as the barometer of worldwide
sentiment. View | | | | Click Here to See Full Listing |
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| NYSE and AMEX prices are delayed by at least 20 minutes. All other quotes are delayed by at least 15 minutes as per exchange rules. |
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| NYSE and AMEX prices are delayed by at least 20 minutes. All other quotes are delayed by at least 15 minutes as per exchange rules. |
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