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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, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
Tuesday, 05 September 17
COAL: A STRONG MOVEMENT IN THE COAL MARKET OVER THE SUMMER MONTHS - GEORGE LAZARIDIS
We have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodi ...
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Showing 1951 to 1955 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
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