China Imports More Oil Than U.S. for First Time Ever

Press Release
Wednesday, March 27, 2013

China reached this milestone in December 2012, as its net petroleum imports surpassed those of the U.S.

In a recent press release NYC-based PIRA Energy Group reports that weak reported oil demand in the U.S. reduced the commercial stock draw. In Japan, crude runs began to ease, which built crude stocks. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

Every year for at least the last two decades, Chinese oil demand has increased in both absolute and relative terms, that is, as a percent of world total demand. Since the price spike of 2008 and the following recession, U.S. oil demand has been declining in both absolute and relative terms, for all years except 2010. This, coupled with growing U.S. oil production, has led to a downward trend in U.S. net oil imports, while Chinese net oil imports continue to grow inexorably. December 2012 was the first time Chinese net imports exceeded U.S. net imports, and this trend will continue to grow for years to come.

Weak Reported Demand Reduces U.S. Stock Draw

Overall U.S. commercial oil inventories fell the week ending March 15. Most of the draw was in crude oil, largely due to an Alaskan in-transit inventory decline, which offset a crude stock build in PADDs I-III. Reported product demand fell on the week, while weather adjusted demand and actual exports were down. Despite the small overall inventory decline, the year-on-year stock excess narrowed.

International Tanker Markets Remain Weak
International tanker markets remain weak, although a drop in bunker prices over the past month has helped improve vessel earnings somewhat. VLCC rates recovered modestly from early February after falling to the lowest level in more than two years as tonnage demand suffered when Saudi Arabia and the other Middle East Gulf producers cut exports in January. The product tanker sector in the Atlantic Basin, which had been the sweet spot among the tanker groups ever since Hurricane Sandy struck in November of last year, fell sharply.

Click here for additional information on PIRA's research services.


Contracts

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

Tanker Trends

BV Classes First LNG-fuel Oil/Chemical Tanker

Leading international classification society Bureau Veritas has classed the first LNG-fuelled newbuilding oil/chemical tanker, the 15,000 dwt Ternsund, built under BV class at Avic Dingheng,

SK Shipping Selects 5X72DF for LNG Carriers

Securing the position of its low-speed low-pressure X‑DF engines as market leaders, Winterthur Gas & Diesel (WinGD) has been selected to supply two 5-cylinder X72DF

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

Energy

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

DNV GL Launches New Approach to Manage Uncertainty in Risk Assessment

There is increasing emphasis from regulators on addressing uncertainty in risk assessments to improve safety. DNV GL’s new paper, ‘Enabling confidence – addressing uncertainty in risk assessments’,

Gasum, Wärtsilä Join Forces to develop Gas Value Chain

New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum,

Fuels & Lubes

Klüber to Present New EALs at SMM

“Closer to you” is the motto, under which Klüber Lubrication will be presenting its latest environmentally acceptable lubricants (EALs) for ships and offshore installations at the SMM 2016.

ABB Launches Torque Monitoring System

ABB has launched a new torque monitoring system called Torductor Marine, which is aimed at optimizing engine and fuel efficiency in the maritime sector. The new

BV Classes First LNG-fuel Oil/Chemical Tanker

Leading international classification society Bureau Veritas has classed the first LNG-fuelled newbuilding oil/chemical tanker, the 15,000 dwt Ternsund, built under BV class at Avic Dingheng,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0945 sec (11 req/sec)