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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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Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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Showing 1036 to 1040 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
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