I wrote a blog just over a month ago called, Marcus Hook terminal fee warning (05/30/19).
Half the world is aware that the Cricket World Cup is going on, maybe not many are aware of it in the U.S., even though the English did introduce it to North America by the start of the 18th century! I bet you didn’t know it’s the third oldest collegiate sporting contest behind rowing and baseball, dating back to when Haverford College played the University of Pennsylvania in 1864.
There seems to be a cat and mouse game going on at the moment, its focus of attention is currently on one export terminal, but it is likely to shape the near-term LPG market for everyone. Who will win and who needs to win, well, we are about to find out? The summer is hot in Houston, it might get even hotter.
Bangladesh is emerging as potentially one of the most significant future international importers of LPG. It’s created a lot of excitement, as well as growing logistical headaches, trying to work out all the pieces that will be needed to fit the puzzle. It’s as much a question of geography as it is economy, I think I did pretty well in geography at school – I’ll leave that for you to decide!
The North West European market used to be really exciting, it was the happening place, new production in both UK and Norwegian sectors, lots of load ports such as Sullom Voe, Braefoot Bay, Grangemouth, Flotta, Tees and Karstoe. The entry of the petrochemical buyers such as ICI in Tees, Dow in Terneuzen, Norsk Hydro in Rafnes, and Esso in Stenungsund. The big boys were all there BP, Shell, Esso Europe, Texaco, Mobil, Gulf and Chevron.
We’ve had quite a few famous people come over to our beach restaurant on the Isle of Wight, I won’t name drop, well, there’s maybe one that recently grabbed my eye that I want to mention. Sat enjoying the view, and the hopefully the food, was Sir Jim Ratcliffe, head of Ineos, one of the world’s largest chemical producers.
It was certainly an eye-opener for me making my first trip to Saudi Arabia back in the mid-1980s, it wasn’t the result of seeing the fairly unimpressive offices of Petromin, then the general petroleum and mineral organization responsible for LPG in the Kingdom, but it was the sight of a multitude of regional representatives from the many Japanese LPG contract holders, all sat patiently in the extremely hot reception area outside the General Manager’s office, Mr
Nicolas Madura and Juan Gualdo remain with their horns locked, in the battle for the Venezuelan presidency. In the meantime, Russia and the U.S. are trying to exert whatever pressure or help they can, in order to gain their own influence. The country is in a mess, with the worst humanitarian crisis seen in the west for a very long time. There’s hyperinflation, with shortages of the most basic food stuffs and medicines.