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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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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
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