PEOPLE • SEEN & HEARD Learning to love low oil prices at CMA
nevertheless bodes well for longer-haul shipments of refined products.
Looking for range-bound price behaviour going forward, Scott urged ‘We need to learn how to make money with crude oil between $40/bbl and $60/bbl.’
Tanker panel with Henry Curra and Lois Zabrocky
The three-day Connecticut Maritime Association (CMA) conference in March featured a set of informative panel discussions delving deeply into the tanker markets and the effects of lower oil prices.
Casey Scott of Conoco Phillips Marine offered an unusual perspective: the impact of Big Oil capital decisions filtering down into tanker markets. At the highest level, oil market growth will come from the Middle East – potentially boding well for large tankers shipments from the region – and North American shale production, he said. However, these positive impacts will be tempered by the trend of ‘the refinery creeping closer to the well-head’ – which
Seasoned analyst Henry Curra of Braemar ACM took the view that the market for larger tankers would gravitate to levels
in the $20,000-$30,000/day hire range during 2017 and 2018, before making a cyclical move up afterwards provided that supply growth is capped.
The price of oil does have a bearing on trading patterns. On the large crude tanker side, Lois Zabrocky of International Seaways felt that oil in the $40-$60/bbl price band alluded to by Scott ‘is good news for tankers… creating stability and spurring demand. I like that.’
Ed Waryas, from small tanker operator KNOT Offshore Partners, stressed the salutary effects of low oil prices on shuttle vessels. ‘Offshore pipelines will have a
breakeven of at least $80/bbl oil,’ he said, meaning that planners who shelved pipeline projects might now look at delivering offshore oil into coastal refineries using shuttle tanker solutions.
Another conference highlight was a ‘Leadership Debate’ featuring this year’s CMA Commodore Jack Noonan of ChemBulk and five of his predecessors. These offered insights on running shipping companies varying from small family businesses up to listed entities such as Euronav, represented by Paddy Rodgers, and the Scorpio companies, represented by Robert Bugbee. A constant was the need to remain grounded, as exemplified by Noonan pointing out ‘I have a corner office now, but I was a seafarer.’
Jack Noonan dons Commodore hat
Panama Maritime XIII marks notable achievements
Panama Maritime XIII assembled the leaders of Panama’s shipping industry and a host of international experts from more than 50 countries worldwide at the Megapolis Convention Center in Panama City in mid-March.
The exhibition consisted of some 80 stands while the conference sessions featured 27 speakers and attracted more than 350 delegate from diverse shipping sectors.
Panama Maritime XIII opened with a special address by International Maritime Organization secretary-general Kitack Lim, who spoke of the challenges currently facing the maritime industry and the new regulations that are being implemented, mainly to protect the marine environment.
Jorge Barakat, Panama Minister of maritime affairs (left), with Flor Torrijos, Kitack Lim and Jorge Quijano
The event traditionally brings together maritime players from Latin America and further afield in order to try and find new and proactive solutions to the most pressing
36 Visit:
seatrade-maritime.com
challenges facing the shipping sector today. In addition, this year’s event celebrated the 100th anniversary of the Panama Ship Registry, the world’s largest, as well as last summer’s completion of the historic expansion of the Panama Canal.
The event’s organising committee led by president Flor Torrijos also bestowed a number of awards at the end of the inauguration ceremony, including one for ‘Maritime Personality of the Year’ awarded to Panama Canal administrator Jorge Luis Quijano, who also won the Seatrade Personality 2016 gong at the Seatrade Awards in London.
Seatrade Maritime Review • Quarterly Issue 2 • June 2017
PHOTO: CHRIS PREOVOLOS
PHOTO: CHRIS PREOVOLOS
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100
