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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, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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Showing 1771 to 1775 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- The University of Queensland
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
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