AltaGas Ltd T.ALA

RIPET

[rfguysd]

Vessel Gas Capricorn  -LPG tanker  has left at Ripet-8pm PST.   Next LPG tanker is expected to arrive  in  a  period of 7-8 days.....March 23-24^th.  A  2 day fill  indicates Ripet is  running efficiently and storage tanks are near full  ready  for the next tanker Continental. 
 
Throughput rates  are trending higher  nearing 58k bbls/day. 
 
Should be  a  good  1^st QTR  with high FEI propane pricing at 542 usd/tonne  for the May contract and  higher throughput numbers are indicated
 
Arrival  Departure  Vessel                TYPE      GT          Barrels   Days between   Ave Rate 
                                                                                                            Arrivals        throughput
    
Feb12     Feb15            Nadeshiko         LPG    45812       582,000                  
Feb22     Feb23            Laurel Prime      LPG   47963        609,000        10
Mar7       Mar9              Crystal River      LPG   46793        594,000        15
Mar16     Mar17            Gas Capricorn    LPG   46021        584,000         9                  
Mar23                           Continental         LPG   47379        602,000         7              57.9k


*Assuming 12.7 barrels / metric tonne
*594,000 barrels /10.25days=  57.9k barrels/day   implied throughput rate of Ripet.  Using running average over 4 fill periods.

Nameplate capacity  80k/day
Export license : 92k/day (2 licenses of 46k/day rec’d)
Calculated  rate of export :57.9k/day

GLTA
RFguy














Vessel Gas Capricorn  -LPG tanker  has left at Ripet-8pm PST.   Next LPG tanker is expected to arrive  in  a  period of 7-8 days.....March 23-24^th.  A  2 day fill  indicates Ripet is  running efficiency and storage tanks are near full  ready  for the next tanker Continental. 
 
Throughput rates  are trending higher  nearing 58k bbls/day. 
 
Should be  a  good  1^st QTR  with high FEI propane pricing at 542 usd/tonne and  higher throughput numbers.
 
Arrival  Departure           Vessel                TYPE      GT          Barrels       Days between    Ave Rate 
                                                                                                                        Arrivals              throughput     
Feb12     Feb15            Nadeshiko             LPG   45812       582,000                  
Feb22     Feb23            Laurel Prime          LPG   47963       609,000               10
Mar7       Mar9              Crystal River         LPG   46793       594,000                15
Mar16     Mar17            Gas Capricorn       LPG   46021       584,000                 9             
Mar23                         Continental            LPG   47379       602,000                 7              57.9k


*Assuming 12.7 barrels / metric tonne
*594,000 barrels /10.25days=  57.9k barrels/day   implied throughput rate of Ripet.  Using running average over 4 fill periods.

Nameplate capacity  80k/day
Export license : 92k/day (2 licenses of 46k/day rec’d)
Calculated  rate of export :57.9k/day

GLTA
RFguy

[GunnerG]

Thanks rfguysd, great information.  Great facts, no speculation. Another tanker on its way to Ripet, the Pertusola.  ATA is March 29th to Prince Rupert anchorage.  It is passing through the Panama Canal recently. I was surprised at the size, it is only 1/4 the size of those that usually arrive at Ripet (12,800 GT). Should be a quick turn around for 1/4 tanker.

[rfguysd]

GunnerG:   Interesting.   MY thought.    Altagas  has excess  propane to be shipped  "UNHEDGED"  at $542usd/tonne.  This  is $43 usd/ bbl. !    This  might be equivalent to shipping  a full  load in the VLGC hedged  in terms of net earnings.  Clever.   This  will definitely add

[GunnerG]

RFguy, any idea who arranges and who pays for the tankers to ship LPG? Thinking if the buyer of LPG is arranging and paying, Altagas would recognise revenue when tanker is loaded.  If it is Altagas, revenue recognise revenue when off loaded at destination. I am thinking it is the buyer but would appreciate your input.

[rfguysd]

Good Question.  I  have always assumed it is FOB destination.   (exact opposite to your suggestion).  I  have assumed this because: 1) Altagas is the operator of the port  and  has control of scheduling deliveries into and out of the terminal. 2)Tankers generally  have more than one destination  making it difficult for  a buyer  to add

[Johnwith30years]

YES Randy did say that so as soon as loaded the revenue is booked.  Cheers 

[GunnerG]

rfguysd, thanks for the comments on FOB. That sent me off on a different search and I think most LNG and LPG shipping are FOB shipping point (FOB origin) and for the reason you made in your point 2. Here are a couple of sites providing information on long term contracts and shipping. FOB shipping point vs destination LNG sales and purchase agreements

[Rocko58]

FYI the Pertusola may be on its way to our new competetor PEMBINA on Watson Is.  They are rumored to be commissioning their new export facility now, for start of ops in April.  Because of the shallow depth of the channel between Watson and Ridley they will be using smaller, shallow draft, tankers such as this "Pertusola".   

[GunnerG]

Thanks Rocko58.  It will be interesting to see where Pertusola is going, especially with thexp added expense of going through the Panama Canal.  Shows how big the advantage is shipping from Prince Rupert compared to Texas. Got this from Pembina site: The Prince Rupert LPG export terminal is located on Watson Island, British Columbia. The project is best viewed as a small-scale