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Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
 It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the start of the pandemic. According to EIA data, oil consumption will reach this year 92.91 million bpd, almost 8.5% lower compared to last year and at its lowest point since 2013,said Allied research in its latest report.
At the same time, world oil production is estimated to have fallen to 94.42 million bpd, leaving a surplus in the market of approximately 1.5 million bpd. This imbalance between demand and supply in the market has resulted in a profound drop in freight rates for tankers as of late, with the low oil prices though curbing somewhat the decline as key importers, such as China, look to build up stock at favorable pricing terms.
According to Allied, for next year, all estimates are pointing to a strong rebound, with the latest data forecasting that global demand will climb to 98.80 million bpd (a 6.3% growth). The end of the pandemic will undoubtedly revive global consumption, with demand for some oil products such as jet fuel, diesel and gasoline boosted, as people begin travelling and going back to business as usual.
This concurs with refining throughput data, with the global figure for 2019 standing at 81.9 million bpd, while in 2020 this figure fell to around 74.3 million bpd. A gradual recovery for next year is expected to regain only around 4.9 million bpd of this lost output. Two of the most important petroleum products are motor gasoline and diesel, where we witnessed a major decline this year. In particular, motor gasoline consumption in the US is estimated to have dropped to its lowest point since 1997, reaching 8.14 million bpd, while distillate fuel oil consumption also dropped by a record rate of 8.3%. A very impressive fact considering that the number of registered motor vehicles in the US increased by around 30% since then.
These figures all point to the impact of the pandemic on vehicle movements, as road travelling was minimized. However, it is also highlighting the structural shift from gasoline/diesel engines to electrical vehicles, with the latter having increased to 727,000 vehicles in 2019, a rise of 165% since 2010. This is reflected on the consumption data, as the average y-o-y growth during the period 2000 -2010 for gasoline was 0.6%, while the respective figure for 2010-2020 is estimated at -0.9%. This trend is also being witnessed in China, where the average y-o-y growth rate has declined about 1% for gasoline and 5.5% for distillate fuel oil this decade, with the drop being particularly evident since 2015. Identically, the total demand for gasoline in the EU has fallen by 18.7% between 2010 and 2019 and diesel/gasoil volumes by 1%. Moving on to jet fuel, the annual drop this year is estimated to also be at record levels. Here, we have seen a decrease of approximately 38% in the US for this year, with consumption reaching historical lows. Estimates for next year are for a rise back to 1.56 million bpd, though still below any recent figures. However, consumption hare has been much more resilient, as demand for air travel has increased massively with alternative fuels being minimal so far. Nevertheless, it is only a matter of time before measures for the decarbonization of the aviation industry start taking effect.
In the following years, the necessity for close assessment of demand and supply balance will be even more vital for the tanker market, given that consumption rebound in the coming years is at best going to just boost figures on par to those noted during 2015-2019. This inevitably leaves for minimal growth potential in a sector that is currently finding itself in the midst of a major supply glut.
Yiannis Vamvakas
Research Analyst
Allied Shipping Research
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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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Showing 711 to 715 news of total 6871 |
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- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- White Energy Company Limited
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
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