port of houston - bunkerspot · intercontinental terminals co. located at deer park, this facility...

Port overview: traffic and volumes

Bunker demand and volumes

Market players

Storage and delivery

Product availability

Bunker pricing

Summary and evaluation

Fuel prices

PORT OF HOUSTONBUNKER MARKET PROFILE

March 2017

PORT OF HOUSTON2

Port overview: traffic and volumes

The geographical scope or footprint of the bunker market at the Port of Houston is not easy to define. The port itself is essentially a collection of terminals situated on the Houston Ship Channel and beyond into Galveston Bay. However, in general, the marine fuels industry also includes the separate ports of Galveston and Texas City within the Houston market.

Other, more distant Texas ports, such as Freeport, Lake Charles and Corpus Christi, are also sometimes viewed as part of the Houston market as, on occasion, supply for these locations is sourced from Houston terminals. In addition, the Houston ‘hub’ also covers bunker operations which take place at Bolivar Roads Anchorage, at the entrance to Galveston Bay.

For the purposes of this report, the Houston market is defined as the immediate area of the Houston Ship Channel, Galveston Bay, Galveston, Texas City and Bolivar Roads.

The Port of Houston consistently takes the top ranking in the United States in terms of foreign waterborne tonnage, US imports and US export tonnage. It is also the country’s top breakbulk port, handing some 41% of project cargo at Gulf Coast ports.

Texas has the largest refining capacity in the United States and Houston is the US oil port. It is home to a significant number of refineries as well as a $15 billion petrochemical complex, which is the largest in the United States and the second largest in the world.

Given its position as one of the world’s key refining centres, it is not surprising that the dominant cargo activity at Houston is liquid bulk. However, there is considerable diversity in the type of ships that call at the port; it is a medium-sized container port and also a significant bulk port. The number of vessel calls at Houston has remained relatively constant over the past 5-6 years. At the start of the global economic downturn in 2008, vessel calls totalled 8,058 (the highest figure since 1990), and numbers have held relatively firm, reaching 8,376 calls in 2015.

PORT OF HOUSTON

BUNKER MARKET PROFILE 3

Port of Houston Authority – Total Tonnage (loaded and empty)

Cargo type (short tons) 2012 2013 2014 2015 2016

Gen cargo: containers

18,590,102 19,124,618 19,441,193 21,601,005 21,959,767

Gen. cargo: steel 5,483,595 4,656,258 6,694,288 4,796,470 2,368,288

Other general cargo

1,204,062 975,727 902,867 1,048,133 897,740

Total general cargo

25,277,759 24,756,603 27,038,348 27,445,608 25,225,795

Total bulk cargo (ex. Bayport chemical complex)

9,781,604 11,156,656 10,722,731 8,654,108 9,620,969

Total tonnage 35,059,363 35,913,259 37,761,079 36,099,716 34,846,764

There are two container terminals at Houston, Barbours Cut and Bayport. Container throughput at the port has shown overall slow but steady growth over the past six years.

Annual throughput in TEU

2010 2011 2012 2013 2014 2015 2016

1,657,989 1,866,439 1,922,479 1,950,071 1,951,088 2,130,540 2,182,720

In his June 2016 report to the Houston Port Commission, Executive Director Roger Guenther noted that the port was ‘seeing less steel than anticipated.’ This downturn was reflected in full year statistics for steel throughput: 2.4 million short tons in 2016 compared with 4.8 million short tons in 2015 – a 50% fallback.

PORT OF HOUSTON4

Container throughput dipped slightly in the first half of 2016, down by some 6% up to May. However, volumes picked up in the second half of the year, with total throughput for 2016 reaching 2,182,720 TEU and overtaking 2015, which had been the strongest 12-months for container volumes in the port’s history.

The Barbours Cut terminal, located at the mouth of Galveston Bay, caters for containerised cargo and also Ro-Ro and project cargo. One of the main container handling facilities in the Gulf of Mexico, it is the subject of a planned $700 million modernisation programme to improve container handling operations. Container lines using the terminal include Atlantic Container Line, Alianca Line, COSCO, CCNI, Compania Libra, Hamburg Süd, Hapag-Lloyd, NYK Lines and OOCL. Hanjin Shipping had also been a customer until its collapse in 2016.

The Bayport Container Terminal, when fully developed, will feature seven container berths with the capacity to handle 2.3 million TEU. Lines using this facility include CMA-CGM, Compania Libra, China Shipping, Hapag-Lloyd, MSC and ZIM.

The bulk terminals at Houston are the Bulk Materials Handling Plant (operated by Kinder Morgan); Care Terminal (operated by Coastal Cargo of Texas); Jacintoport Terminal (operated by Jacintoport International, a Seaboard Marine entity); Public Elevator No. 2 (operated by Louis Drefus); Turning Basin (equipped to handle project cargo); and Woodhouse (operated by GP Terminals).

The Port Authority is looking to strengthen its position over the next few years with, for example, the addition of the 2M Asian service (Maersk/MSC), which will be the port’s third weekly shipping service from Asian markets. The port is also anticipating increased throughput/vessel calls following the opening of the expanded Panama Canal in June 2016. It sees itself as well-positioned to tap into increased trade through the Canal to and from East Asia, which is currently the port’s fastest growing container trade lane.

Bunker demand and volumes

There are no official statistics for bunker demand at the Port of Houston and it is unwise to compare/contrast estimates from individual suppliers as they vary in their view of the port and its geographical scope. Energy Information Administration (EIA) statistics can be seen to provide an estimate for sales of intermediate fuel oil (IFO) and marine gasoil (MGO) at Texas ports. It is a fair assumption that around 1 million metric tonnes (mt) is supplied outside the Galveston Bay area and the balance can be considered as Houston demand.


The table below shows EIA statistics up to 2014 with a breakdown for IFO/MGO, plus our assessment of annual volumes for Houston. Our understanding is that Houston volumes remained at around 3 million mt (or 250,00 mt per month) in 2015 and 2016.

Year IFO MT MGO MTTOTAL MT

TexasTotal

Houston

2002 2,649,956 980,816 3,630,772 2,630,772

2003 2,588,007 879,511 3,467,519 2,467,519

2004 3,134,033 825,882 3,959,915 2,959,915

2005 3,470,522 538,800 4,009,322 3,009,322

2006 3,705,156 627,016 4,332,172 3,332,172

2007 4,692,852 589,289 5,282,140 4,282,140

2008 3,965,726 376,669 4,342,395 3,342,395

2009 3,443,993 819,777 4,263,770 3,263,770

2010 4,390,659 1,460,062 5,850,722 4,850,722

2011 4,161,533 1,455,902 5,617,435 4,617,435

2012 3,035,544 757,682 3,793,226 2,793,226

2013 2,928,056 638,187 3,566,242 2,566,242

2014 3,016,044 900,469 3,916,513 2,916,513

As can be seen, volumes have still some way to go to recover ground lost since 2010/2011, and it can be assumed that MGO volumes may show more vigorous growth following the introduction of the 0.1% sulphur limit in emission control areas (ECA) in January 2015.

Bunker demand for offshore Gulf of Mexico is beyond the scope of this study but is currently estimated at around 70,000-80,000 mt per month. This fuel is sourced in Houston but delivered offshore by Glencore and Aegean.

Container companies are the largest buyers of bunkers at the Port of Houston, with Hapag-Lloyd, MSC and CMA-CGM seen as consistent purchasers of high volumes (10,000-20,000 mt per month) of RMK500 (or 700). Aside from these players, the buyer demographic is highly fragmented due to the diversity of ship types calling at the port.

PORT OF HOUSTON6

Market players

NuStar is the largest supplier at Houston, followed by Peninsula and Bomin. BP Marine held around a 5% share of the market until early 2015 when it exited the Panama, New York and Houston retail markets following a strategic review of its fuel oil retail sales activities. Peninsula Petroleum Inc. was incorporated at the start of 2012, and developed into a physical supply operation during 2014, covering Houston and New Orleans. The Bomin presence at the port brings together the activities of Matrix Marine Fuels and Bominflot Atlantic. Following a rationalisation of some of its operations in late 2016, Bomin announced that Houston would be one of its regional hubs, along with Hamburg, Dubai and Singapore.

Following mounting industry speculation about its market position, in August 2016 Total suspended retail bunker operations at Houston, as well as other Texan ports (Galveston, Freeport, Texas City, Beaumont, Port Arthur, and Lake Charles, Louisiana). Up to that point, it was estimated that the company had held a 3.2% share of the Houston marine fuels market.

The main players can supply IFO and MGO, while O’Rourke, Martin and J.A.M. Distributing Company are solely MGO suppliers. Vitol entered the market in late 2015, noting that fuel would be marketed under the V-Marine Fuels brand on a retail basis. Minerva, the bunkering arm of Mercuria, was a new market entrant at the start of 2016 but it is our understanding that it is currently inactive. Last Autumn, Minerva/Mercuria announced office closures in Seoul and Piraeus, it is understood that there may be some readjustment of staffing levels on the bunkering side of its business across its other regional operations.

The market share breakdown is as follows:

NuStar: 100,000 mt per month (p/m) (40%)

Peninsula: 45,000 mt p/m (18%)

Bomin: 42,500 mt p/m (17%)

Glencore: 22,500 mt p/m (9%)

Shell: 17,500 mt p/m (7%)

V-Marine: 10,500 mt p/m (4.2%)

J.A.M: 5,000 mt p/m (2%)

O’Rourke: 4,000 mt p/m (1.6%)

Martin: 3,000 mt p/m (1.2%)

40%

18%

17%

9%

7%

4.2%

2%1.6% 1.2%

NuStarPeninsulaBominGlencoreShellV MarineO’RourkeJ.A.MMartin


Storage and delivery

Storage at Houston is dominated by Houston Fuel Oil Terminal Company (HFOTCO) and Battleground Oil Specialty Terminal Company (BOSTCO).

Houston Fuel Oil Terminal Company

This is the largest residual fuel oil storage terminal on the US Gulf Coast, with over 13.8 million barrels of storage for residual oil and crude oil. It has undertaken a major expansion programme in recent years. Phase II of its North Terminal expansion, which will see the addition of 2.4 million barrels of storage, is understood to be near completion.

According to HFOTCO, it is also looking at an opportunity to develop another 12-acre site at Moore Road Junction, a pipeline corridor situated seven miles north of the main terminal. This acreage could support the construction of an additional 1.3 million barrels of crude oil storage capacity.

Battleground Oil Specialty Company (BOSTCO).

Construction of the first phase of the new BOSTCO terminal was completed at the end of 2013. The terminal handles residual fuel, feedstocks, and distillates. The facility is jointly owned by Kinder Morgan Energy Partners (55%) and TransMontaigne Partners.

Phase 1 of the project included the construction of 51 tanks with a total storage capacity of 6,500,000 barrels. A further 900,000 barrels of storage for ultra-low sulphur diesel came on stream in late 2014.

Other terminals serving Houston on the Houston Ship Channel are:

Intercontinental Terminals Co.

Located at Deer Park, this facility has 239 storage tanks with a total capacity of 12,757,800 barrels and handles crude oil, heavy fuel oil, petroleum products and chemicals.

Pelican Island Storage Terminal (GTI)

This terminal has a bulk storage capacity of 775,000 barrels and offers storage and transshipment of bulk liquid products, as well as supplying bunker and diesel fuel. It serves deep draft vessels, oceangoing barges and intra-coastal barges.

Vopak Terminal Deer Park

Storage at this facility is available for petroleum products, base oil and lubricants, biofuels and chemicals. It has 243 tanks with a total capacity of 1,115,103 cubic metres (m3).

PORT OF HOUSTON8

Enterprise

Owned by Enterprise Product Partners, this Houston Ship Channel terminal has 214,000 barrels of storage for crude oil. The company also has an interest in the ECHO Terminal which offers 74,000 barrels of crude oil storage.

NuStar Texas City

There are two terminals at this location which jointly offer 80 tanks with a total capacity of 2,812,000 barrels.

Furthermore, in May 2016, Magellan Midstream Partners and LBC Tank Terminals signed a letter of intent to expand the crude oil and condensate storage and pipeline infrastructure at their joint venture company, Seabrook Logistics. Under the terms of the agreement, Seabrook Logistics would add up to 5 million barrels of storage next to LBC’s existing Seabrook terminal in Houston. Some of the storage capacity could come on line as early as 2017.

Bunker suppliers and cargo traders at Houston principally use HFOTCO and BOSTCO for storage. NuStar uses its own Texas City facility while Bomin uses Galveston Oil Terminal and Enterprise. Peninsula does not hold storage but buys bulk supply from other players.

Suppliers BOSTCO HFOTCO

V-Marine/Vitol x x

Chemoil/Glencore x x

Shell x x

Traders

Astra x x

PMI x

Repsol x

Rio x x

Tauber x

Trafigura x

Mercuria x x

Koch x


Westoil/Harley Marine and Buffalo are the key barging companies in Houston (Kirby Corp. used to be a major player but currently does not have a significant presence here). Bunkers in Houston are generally sold on an ex-wharf basis (plus barging based on a published tariff). This means suppliers will often have an active relationship with barging firms, often with T/C barges or volume commitments for discounts. Suppliers will aggressively pursue business where they have a barging advantage and this explains some very ‘low’ priced deals that can be recorded in the market. Bomin also operates an MGO-only barge, as do J.A.M and O’Rourke.

Barge Tariffs

Bunkering Locations

Per MT Rate

Barging Min

Harbor (Flat Fee)

WharfageSecurity

Fee

Houston Harbor $8.20 $8,855.00 $32 $.30/mt $.04/mt

Barbours Cut $9.60 $10,385.00 $32 $.30/mt $.04/mt

Bayport/Galveston/Texas City

$10.75 $11,625.00 $32 $.30/mt $.04/mt

Bolivar Roads (weather permitting)

$13.25 $14,330.00 $32 NA $.04/mt

Freeport $18.20 $19,655.00 NA NA NA

Port Arthur $20.25 $21,845.00 NA NA NA

Port Neches $20.75 $22,385.00 NA NA NA

Orange/Beaumont $21.10 $22,765.00 NA NA NA

Lake Charles $23.05 $24,885.00 NA NA NA

Demurrage : $370.00 per hour for tow

Loading : 1,000 BPH +2 Hours

Pumping : 151 MTPH +2 Hours

Pumpback : $370.00 per hour - Minimum $2,705.00

Billings will be based on quantities loaded

Fuel Surcharge 24%

PORT OF HOUSTON10

Product availability

All fuel grades can be purchased in Houston. Houston is one of the world’s largest fuel oil trading markets with almost all of the largest cargo traders in the world having an active presence. Not surprisingly, the cargo trading market for fuel oil in Houston is much larger than the bunker market, so many sources of residual fuel (domestic and imported) are available, as are diverse cutter stocks.

The main suppliers (with the exception of NuStar, Glencore and, to some degree, Bomin) do not blend their own products but purchase blended products (380 cSt) from the market. Houston suppliers and cargo traders are experts at blending, but have a tendency to blend to limits and have been known to take shortcuts. As a result, fuel quality at Houston can be poor, and there have been a number of serious claims over the years involving many vessels, as well as numerous small off-spec fuel disputes.

Bunker pricing

Houston has always been a tough bunker market in which it is a challenge to make consistent profits, and as a market that has multiple cargo players, margins can be influenced by outside trades and market gyrations.

Houston cargo wholesale prices are tracked by #6 fuel oil 3% postings; this is one of the major price indicators in the world for fuel oil (along with MOPS/Rotterdam Barges) and is actively traded as a physical and futures price. This is an unblended residual barrel, so in order to convert this to 380 it is necessary to blend and the general wholesale premium for 380 will be between $1-$2 per barrel ($6-$13/mt over 3%).

In past years, it was possible for a specialist bunker supplier to purchase product and achieve a $6-$10/mt gross margin over the blended 380 cost that would cover operating expenses. This margin has been eroded as a result of the drop in global prices and significantly increased competition.


In 2015, the gross margin over 3% (not 380 cost) averaged only $6/mt. In the second half of the year it was just over $1/mt. Both of these prices are well below supply cost and this trend continued in 2016.

Some of these negative prices can be explained by a desire to maximise barge revenue and discount bunker ex-wharf prices. However, with many suppliers operating on the same model, this approach seems to have limited value. Indeed, our conclusion is that many of the smaller (and bigger?) suppliers are operating at substantial losses.

Some suppliers, such as Glencore and NuStar (who source their own product), may have blending economics that are much better than their competitors. However, even with this advantage it would seem that their margins are very thin.

In short, Houston is an over-supplied market and probably only offers a worthwhile margin for those who have a massive cargo trading system.

Summary and evaluation

Vitol and Glencore are the high volume cargo traders in Houston, but there are also a lot of other players in this market who are trading and selling fuel oil. As such, it may be an easy market to move into in terms of access to products, but Houston is a crowded supply market and it is very hard to make money.

Minerva’s failure to date to secure a foothold in Houston should be seen as a cautionary example. Total left the market in the second half of 2016 and Chemoil’s volumes are reported to be under pressure.

This is not to say that niche opportunities might not exist in some of the smaller Texas markets, but this would require detailed examination. After the introduction of the 0.5% sulphur global cap in 2020, the MGO market may throw up more opportunities but the margins for MGO suppliers are also reported to be very poor.

The offshore market has supported Chemoil and Aegean and this area of operation was very profitable in the first half of 2015. The decline in US crude imports has also impacted on tanker activity and so it is fair to assume that demand is not particularly healthy. Again, a closer examination of the offshore market sector would be required.

PORT OF HOUSTON12

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Fuel prices: IFO 380 CST

Price•IndexBunkerspot

50

110

170

230

290

350

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$/m

t

380cSt

4 January 2016 to 30 December 2016

250

270

290

310

330

350


$/m

t

380cSt

2 January 2017 to 31 May 2017

SingaporeHouston

PORT OF HOUSTON14

Fuel prices: IFO 180 CST


100

170

240

310

380

450


$/m

t

180cSt


350

370

390

410

430

450


$/m

t

180cSt


SingaporeHouston


Fuel prices: MGO


300

380

460

540

620

700


$/m

t

MGO


250

310

370

430

490

550


$/m

t

MGO


400

430

460

490

520

550


$/m

t

MGO


SingaporeHouston

PORT OF HOUSTON

www.petrospot.com

Tel: +44 1295 814455

The information contained in this report is presented in good faith. Any opinions expressed are not necessarily those of Petrospot Limited/20|20 Marine Energy, and the company does not guarantee the accuracy of the information contained in Petrospot/20|20 Marine Energy. Nor does Petrospot/20|20 Marine Energy accept responsibility for errors or omissions or their consequences.

No part of this report may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photographic, recorded or otherwise, without the prior written permission of the publisher.

Copyright Petrospot Limited/20|20 Marine Energy @ 2017. All rights reserved.

www.2020marineenergy.com

Tel: +1 203 594 7065

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