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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, 16 November 17
THE PORT OF NEWCASTLE HAS SHIPPED 14.94 PERCENT LESS COAL IN OCTOBER 2017, DATA SHOWS
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,466.8 ...
Thursday, 16 November 17
GOVERNMENT, 13 COAL MINERS AGREE TO CHANGE CONTRACTS - JP
The government and 13 coal mining companies have agreed to change the old Contract of Work (CoW), as part of the implementation of Law No. 4/20199 ...
Wednesday, 15 November 17
IEA RECOGNISES COAL'S CONTINUOUS IMPORTANCE TO GLOBAL ENERGY NEEDS - WCA
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) recognition that coal will continue to play a vital rol ...
Wednesday, 15 November 17
THERMAL COAL WAS DRAGGED DOWN BY THE WEAKNESS ACROSS THE WIDER ENERGY SECTOR - DANIEL HYNES
The coal market was mixed.
Thermal coal was dragged down by the weakness across the wider energy sector, said Daniel Hynes Senior Commodi ...
Wednesday, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major facto ...
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Showing 1876 to 1880 news of total 6871 |
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- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Wilmar Investment Holdings
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