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Recent Highlights

Tankers: Floating Storage Scenario Analysis & Utilization Impact

Tankers: Floating Storage Scenario Analysis & Utilization Impact

Our 3-Stage Approach To Tankers For the Remainder Of 2020 Our 3-Stage Approach To The Remainder Of 2020                            Pages 1-2 Floating Storage Scenario Analysis – Impact On Utilization             Pages 2-3 Storage Arbitrage, Inventories, & Rate...

W|EPC Utilities & Energy – Sempra Deep Dive – Oncor, March 2020

W|EPC Utilities & Energy – Sempra Deep Dive – Oncor, March 2020

 Sempra (SRE) Capital Project Analysis – Oncor March 2020. As part of our W|EPC Utility & Energy Project coverage, we’ve put together a deep dive into a number of large public utilities, including SRE, SO, D, AEP, CNP, ENB, EPD, ET, KMI, XOM, TOT, RDS:A, and...

Tankers Reset As OPEC War Changes Economics

Tankers Reset As OPEC War Changes Economics

Market Updates & Thoughts....................Pages 1-3 Tanker Trade Dynamics...........................Page 4 Fuel Spreads, Economics........................Page 5 Crude/Product/LPG Rate Changes............Pages 6-9 LNG Arb, Freight...

LNG Canada Update: Shell, Fluor, JGC, & Force Majeure

LNG Canada Update: Shell, Fluor, JGC, & Force Majeure

**March 18 Update........................................Page 2 Executive Summary.......................................Page 3 COVID-19 Impact..........................................Page 4 EPC Schedule Analysis...................................Page 5 Site Labor...

OPEC+ Fallout: Contagion Everywhere From Looming Price War…

OPEC+ Fallout: Contagion Everywhere From Looming Price War…

***From Sunday 3/8*** For access information please email us at info@webberresearch.com Tankers Among Few Eventual Beneficiaries Impact On Tankers:                                                                                     Page 1, 3-5 The 2015 Tanker Comp,...

Venture Global LNG: Costs Ramping At Calcasieu?

Venture Global LNG: Costs Ramping At Calcasieu?

Headcount, Parking Data Suggest Material EPC Inflation For access information, please email us at info@webberresearch.com Construction Details:                                                           Pages 1-2 Parking & Headcount estimates                       ...

LNG’s Black Friday

LNG’s Black Friday

LNG’s Black Friday: Endgame For TELL, Magnolia (LNG-ASX) Gets Taken Out For access please email us at info@webberresearch.com The Walls Close In Around TELL – Stock Down 72% This Week As Liquidity & Commercial Realities Finally Overlap. TELL has traded down 52%...

The Golar Clean Up Trade – Let’s Get Schwifty

The Golar Clean Up Trade – Let’s Get Schwifty

Golar Q4 Earnings Preview - Reorg Pressure Ramps   GLNG/GMLP Equity Thesis, SOTP Valuation:                Pages 1-2, 6 Our Expected Golar Reorg Solution:                              Pages 2-4 GMLP: Risk around Eskimo/Jordan Contract?              Pages 2, 7...

LNG Update: Coronavirus Force Majeure — Context, Data, and Exposure

LNG Update: Coronavirus Force Majeure — Context, Data, and Exposure

Corona-Related Force Majeure: Highlights From Our Recent LNG Update Chinese LNG Contractual Exposure - SPA Breakdown By Counterparty                          Pages 2, 5-9 Historical Context - SARS, 6 Previous Global Health Emergencies                                 ...

Webber R|A Barge Week- Part 2: The M&A Menu

Webber R|A Barge Week- Part 2: The M&A Menu

  Barge Week Continues at Webber R|A with our Barge M&A Menu, out yesterday. The Barge M&A Menu: Assessing 2020 Consolidation Options includes: • The Elephant In The Room – Inland Special Situations (Page 2-3) • High Profile Coastal Distress (Pages 4-5) •...

It’s Barge Week At Webber R|A!

It’s Barge Week At Webber R|A!

KEX: Previewing Q419 Earnings & 2020 Guidance Inland & Coastal Color:                                                                  Page 3-4 Inland Spot & Term Pricing Data (Current/Historical):            Page 5 Inland Barge Orderbook & Delivery...

Highlights From Webber R|A Call Series

Highlights From Webber R|A Call Series

LNG Project Risks: Tellurian, Venture Global, LNG Canada, Golden Pass North American EPC Updates: Last week we brought back our Vertical LNG Conference Call Series with guest Eric Smith of EPC Risks to run though updates on construction timelines for a number of North...

Tankers: 2020 Starts With A Bang

Tankers: 2020 Starts With A Bang

IMO 2020 Update: Scrubber Premiums Widen. Scrubber fitted vessels continue to command significant premiums as the clock effectively rolls to 2020 and the new IMO 2020 fuel regulations officially kick-in. Scrubber installed VLCCs are earnings $17k/day (~15%) more than...

LNG Update: USG Pricing Color & Mubadala Builds Its NEXT Stake

LNG Update: USG Pricing Color & Mubadala Builds Its NEXT Stake

Updated Pricing Color For U.S. Developers: Cheniere, Shell, Venture Global, Next Decade, Freeport, Annova, Commonwealth, Delfin & More. Over the past week we've had several conversations with LNG buyers, project developers, and downstream operators, with the more...

LNG Update: Frozen 3? Funding Hot Potato For Novatek’s Arctic 2

LNG Update: Frozen 3? Funding Hot Potato For Novatek’s Arctic 2

Keeping An Eye On Budgeting Process For Arctic 2 Who Picks Up The Check For Arctic 2? The timeline for Novatek’s high-profile Arctic LNG 2 (19.8mpta) may have hit a modest speedbump, as the ~$1.9BN request to help finance critical aspects of Arctic 2 [the Utrenneye...

GLNG: Tangled Structure Clouds Golar Power Growth

GLNG: Tangled Structure Clouds Golar Power Growth

Golar Treading Water Post Q3 Earnings. GLNG traded up ~1% late last week after posting relatively tepid Q3 results, regaining some early lost-ground following a disappointing headline number (below). While we continue to think GLNG looks washed out here ( ~0.7x our...

Webber R|A: Vertical LNG Weekly

Webber R|A: Vertical LNG Weekly

FERC Approves 4 Texas LNG Projects: On 11/21 The Federal Energy Regulatory Commission (FERC) voted in favor (2-1) of all three Brownsville LNG export terminals (below), along with Cheniere’s CC Stage - 3 expansion – granting all 4 projects final approval. Among those...

Webber Research: Global Shipping Weekly

Webber Research: Global Shipping Weekly

Russia May Delay IMO 2020 Compliance: Russia, a large producer and exporter of high sulfur fuel oil, intends to delay full implementation of IMO 2020 regulations until 2024. This will only be in effect within local waters (including Belarus, Kazakhstan, Armenia and...