Fairplay: Australian Crude Export Growth Peaks

“While Australian crude oil exports are providing good returns for Aframax operators, market growth will be limited unless cargo volumes surge. . . . Tanker consultancy Poten & Partners’ best-case scenario projects rising Australian condensate production to add over 39.7M litres/day by 2015, because of the country’s growing liquefied natural gas (LNG) production. If all new production is exported, this could create demand for more than 180 additional Aframax voyages, the analyst said. Year-to-date, condensate cargoes have accounted for 40% of reported spot liftings of Australian crude.”