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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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Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
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Showing 726 to 730 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Australian Coal Association
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- PTC India Limited - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
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