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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, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
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Showing 1886 to 1890 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
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