China and India will account for about 35 per
cent of the global oil trade in the next ten to fifteen years, despite China’s
commitment to increasing the use of clean power and renewable energy, said
Newport Shipping Group.
cent of the global oil trade in the next ten to fifteen years, despite China’s
commitment to increasing the use of clean power and renewable energy, said
Newport Shipping Group.
With
imports of crude oil to the US in decline as the country develops its shale oil
and gas reserves, China and India will become “very important” to the crude oil
markets, said Newport Shipping Group Chairman and CEO Harald Lone.
imports of crude oil to the US in decline as the country develops its shale oil
and gas reserves, China and India will become “very important” to the crude oil
markets, said Newport Shipping Group Chairman and CEO Harald Lone.
“There is no doubt that shale oil and gas is
changing the oil industry and it will have a major impact on trade flows,” he
said.
changing the oil industry and it will have a major impact on trade flows,” he
said.
Mr Lone also commented on the impact of
sulphur emissions legislation on the tanker segment, noting that very few
shipowners were confronting the implementation of the emissions control area
(ECA) rules in January.
sulphur emissions legislation on the tanker segment, noting that very few
shipowners were confronting the implementation of the emissions control area
(ECA) rules in January.
“Maybe, as an industry, we have been hiding
our heads in the sand for the past year hoping the issue will go away, but it hasn’t.”
our heads in the sand for the past year hoping the issue will go away, but it hasn’t.”
While agreeing that
the move to reduce emissions by shifting freight from the highway to the seaway
was a positive step forward, he also outlined his concern that the introduction
of this and other legislation could ultimately make shipping less competitive.
Source: Baird Maritime
