The Evolution and devolution of oil trading
Presented by paul mazzarulli
Tuesday, November 12, 2019
6:00 - 7:00 pm
$5 FOR ADULTS (12 AND UP) | FREE FOR MEMBERS, ACTIVE MILITARY, VETERANS & CHILDREN UNDER 12 | REGISTRATION REQUIRED
The pressentation will discuss the parallel developments in the commercial oil industry and related chartering models. It begins with the colonization of producer nations (mainly by the British and Dutch) to Independence movements in the Middle East, Africa, and South America. It then follows the corresponding change in oil trading from a strictly term-driven process to a spot market emerging in the early 1970s to the commoditization of oil in the following decade and beyond. The shipping industry has evolved from a pure supply chain function with major oil company owned tonnage to a primarily term-charter market (thanks to the emergence of Greek and Norwegian independent owners after World War II). It then continued to a spot-driven market and is now back to a contract-driven market (thanks to indices such as the FFA market and The Baltic Exchange).
Over the course of his 25+ years in the industry, Paul Mazzarulli has been a ship broker, oil market analyst, FFA broker and trader, operations specialist, and market development expert in derivatives, biofuels, and freight. He is currently the U.S. representative for The Baltic Exchange, an organization with 275 years of history as the commercial center of marine information. Originally founded in 1744 as a coffee shop, The Baltic Exchange has evolved over the decades to a trading floor, and now in the post-open-outcry era, is a data & information provider. The Baltic produces over 60 different freight route assessments per day, covering dry bulk, tankers, containers, and LPG / LNG. They also provide indices for vessel sale & purchase valuation, scrap rates, and offer services for dispute resolution and trade facilitation.
Houston Maritime Museum
2311 Canal Street, Suite 101 | Houston, Texas 77003