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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, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact ...
Tuesday, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
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Showing 1236 to 1240 news of total 6871 |
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- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- PTC India Limited - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Parliament of New Zealand
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
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