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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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Monday, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
Tuesday, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
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Showing 1921 to 1925 news of total 6871 |
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- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
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