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Wednesday, Oct 30
Rising North American energy exports lead to tanker demand frenzy
- Shipping operators and investors are pouring billions of dollars into building new oceangoing tankers to transport diesel, gasoline and aviation fuel in a scramble to keep up with North America's energy boom that's "transforming product-tanker shipping demand," Scorpio Tankers (STNG -0.6%) president Robert Bugbee tells WSJ.
- STNG has grown from a little-known firm of a dozen or so ships in 2010 to the world's biggest products-tanker operator, with ~50 vessels; it boasts an order-book of 65 new ships worth $3.5-$4, expected to be delivered by early 2016.
- In July, U.S. refiners exported a record 3.8M bbl/day of products, up nearly two thirds from 2010 exports.