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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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Showing 906 to 910 news of total 6871 |
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- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
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