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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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Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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Showing 1021 to 1025 news of total 6871 |
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- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
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