A small nitpick about the 40% figure: different type of oceanic shipping are “counted” different ways. Crude/products (and bulks) are counted by deadweight (DWT) while container shipping is counted by twenty foot equivalent units (TEU). Passenger ships by people, RoRo/PCTCs by lane miles, etc. There are other more esoteric examples as well.
I think the important metric here is fuel burned: how much fuel do we burn just to ship fuel to where it can be refined, and then to where it’s needed?
Indeed, this would be a key metric, and probably someone has already done this work. If my hedging guy (who also covers our EUA/ETS biz) in London has this data, I’ll post it.
A small nitpick about the 40% figure: different type of oceanic shipping are “counted” different ways. Crude/products (and bulks) are counted by deadweight (DWT) while container shipping is counted by twenty foot equivalent units (TEU). Passenger ships by people, RoRo/PCTCs by lane miles, etc. There are other more esoteric examples as well.
I think the important metric here is fuel burned: how much fuel do we burn just to ship fuel to where it can be refined, and then to where it’s needed?
Indeed, this would be a key metric, and probably someone has already done this work. If my hedging guy (who also covers our EUA/ETS biz) in London has this data, I’ll post it.