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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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Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
Friday, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
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Showing 1786 to 1790 news of total 6871 |
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- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
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