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By the Numbers

China’s gasoline and diesel exports surged on weak local demand

Bloomberg | March 18, 2021 | Energy News | Conventional | By The Numbers

China’s gasoline and diesel exports surged in the first two months of the year as domestic fuel demand weakened during the Lunar New Year holidays.

Dreary: Shipowner opex remains hostage to rising marine insurance costs

AJOT | March 16, 2021 | Maritime News | By The Numbers

Vessel operating costs are expected to continue rising on a hardening marine insurance market, as conclusion of the P&I renewal season exposes the fallout from rising claims and the impact of Covid-19 on global merchant shipping.

U.S. drivers are burning more gas, a trend likely to continue

Bloomberg | March 15, 2021 | Energy News | Conventional | By The Numbers

After a year of setbacks for the oil market, American drivers are underpinning the first rebound in gasoline demand since the pandemic began that is likely to stay.

Asia became the main export destination for growing U.S. LNG exports in 2020
Asia became the main export destination for growing U.S. LNG exports in 2020

AJOT | March 15, 2021 | Energy News | Conventional | By The Numbers

U.S. exports of liquefied natural gas (LNG) continued to grow in 2020, averaging 6.6 billion cubic feet per day (Bcf/d) on an annual basis, according to the U.S. Energy Information Administration’s Natural Gas Monthly.

Rystad Energy’s daily market comment from our Oil Markets Analyst Louise Dickson

AJOT | March 15, 2021 | Energy News | Conventional | By The Numbers

The oil price optimism continues to be alive and well this week as demand growth prospects and rapid vaccine rollouts continue their steady ascent in tandem.

Air Cargo Market Trends for the past 5 weeks March 12, 2021
Air Cargo Market Trends for the past 5 weeks March 12, 2021

AJOT | March 12, 2021 | Air Cargo News | Airlines | By The Numbers

Trends based on appr 250 000 transactions per week WorldACD publishes weekly data for hundreds of markets the largest market based on data for 170 forwarders, the smallest on data for 20 forwarders

Rystad Energy’s daily market comment from our Head of Oil Markets Bjornar Tonhaugen

AJOT | March 12, 2021 | Energy News | Conventional | By The Numbers

Oil prices are largely keeping their ground today but, looking at the bigger picture, Brent recovered much of this week’s losses and climbed back to just below $70, a level that is beyond healthy in the current market.

Global air cargo volumes recover to pre-Covid level inside 10 months
Global air cargo volumes recover to pre-Covid level inside 10 months

AJOT | March 03, 2021 | Air Cargo News | Freighters | By The Numbers

A robust global air cargo market has virtually completed its recovery to post-Covid volume levels inside 10 months, according to airline performance data for February 2021 from industry analysts CLIVE Data Services and TAC Index.

The United States installed more wind turbine capacity in 2020 than in any other year
The United States installed more wind turbine capacity in 2020 than in any other year

AJOT | March 03, 2021 | Energy News | Alternative | By The Numbers

In both 2019 and 2020, project developers in the United States installed more wind power capacity than any other generating technology.

Freight rates to US West Coast dip, finally, post-CNY

AJOT | March 03, 2021 | Air Cargo News | Freighters | By The Numbers

Ocean rates from China to the US West Coast fell 14% this week, the largest single-week drop since before the pandemic, likely due to some easing of seasonal demand surrounding Chinese New Year. But rates are still expected to stay elevated on strong demand as well as on congestion and delays into H2.

FTR Reports Preliminary North American Class 8 Net Orders Stay Strong for February at 44,000 Units

AJOT | March 03, 2021 | Intermodal News | Road | By The Numbers

FTR reports preliminary North American Class 8 net orders remained impressive in February for the fifth consecutive month coming in at 44,000 units, +3% m/m, and +209% y/y. Emphasizing the strength of the orders, February 2021 was the second-highest total ever for the month of February. Orders for the previous twelve months now total 338,000 units.

Rystad Energy’s daily market comment from our Head of Oil Markets Bjornar Tonhaugen

AJOT | March 03, 2021 | Energy News | Conventional | By The Numbers

This week’s OPEC+ meeting will chart out exactly how wide the 23-nation group will open the supply spigot from April onwards, and whether OPEC+ stays ahead, behind or precisely on the rebalancing curve in the months to come.

Old Dominion Freight Line provides update for Q1 2021

AJOT | March 02, 2021 | Intermodal News | Road | By The Numbers

Old Dominion Freight Line, Inc. reported certain less-than-truckload (“LTL”) operating metrics for February 2021. Revenue per day increased 9.2% as compared to February 2020 due to a 5.9% increase in LTL tons per day and an increase in LTL revenue per hundredweight.

Rystad Energy’s daily market comment from our Head of Oil Markets Bjornar Tonhaugen

AJOT | March 02, 2021 | Energy News | Conventional | By The Numbers

The oil market has finally reached a stage that hints recovery, as it is the first time in a year that everyone expects OPEC+ to justifiably bring more output back to production mode.

Energy transition risk quantified: Long-term oil price risk worth $10 per barrel, E&P upstream portfolios value could dip 30-40%
Energy transition risk quantified: Long-term oil price risk worth $10 per barrel, E&P upstream portfolios value could dip 30-40%

AJOT | March 01, 2021 | Energy News | Conventional | By The Numbers

The back-to-back downturns that exploration and production companies (E&Ps) have faced during the past decade have accelerated the energy transition, adding to growing social and regulatory demands for greener energy solutions.

The Panama Canal releases January CO2 emissions data
The Panama Canal releases January CO2 emissions data

AJOT | March 01, 2021 | Ports & Terminals | Canal and Waterway | By The Numbers

Shippers saved a million tons of CO2 in January by opting for Panama Canal Route

Cold weather led to refinery shutdowns in U.S. Gulf Coast region
Cold weather led to refinery shutdowns in U.S. Gulf Coast region

AJOT | March 01, 2021 | Energy News | Conventional | By The Numbers

The cold snap that affected much of the central part of the country in mid-February disrupted energy systems, particularly in and around Texas. In the U.S. Gulf Coast, where the petroleum infrastructure has rarely operated in sub-zero temperatures, several refineries fully or partially shut down, leading to the largest reduction in Gulf Coast refinery operations in several years.

The Port of Barcelona closes 2020 with an economic out-turn of €17 million despite the pandemic
The Port of Barcelona closes 2020 with an economic out-turn of €17 million despite the pandemic

AJOT | March 01, 2021 | Ports & Terminals | Ports | By The Numbers

Aid disbursed to businesses and falling traffic cut revenue by 34 million.

Drewry: Ports & terminals - What is driving M&As and capital market activity?

AJOT | March 01, 2021 | Maritime News | Liner Shipping | By The Numbers

After grinding to a halt in the aftermath of the global financial crisis, M&A activity in the port sector has been growing, with financial investors being particularly active. Recent M&As indicate the sector is consolidating Recent media reports suggest that the Belgian cities of Antwerp and Bruges have decided in principle to merge into one, a new port authority for the coastal port of Zeebrugge and the larger, more inland port of Antwerp. While Zeebrugge is a leading ro-ro port and a natural gas hub, Antwerp is the second largest port in Europe, providing multiple multimodal connections to the rest of Europe via road, rail, barge and feeder services. As a result, it is a major hub across a range of cargo types – container, chemicals and break bulk. A merger of Belgium’s two largest port authorities will have positive cost implications. The unification is subject to clearance from authorities and, if it goes through, the combined port will rank a close second to Europe’s largest container hub, Rotterdam. As part of a joint plan, the two ports have defined three strategic priorities – sustainable growth, resilience and leadership in energy and digital transition. After the completion of the deal, the city of Antwerp will own ~80% of the new company, with the city of Bruges controlling the remaining ~20% share. This planned merger follows an emerging global trend. In 2019, COSCO Shipping Ports announced the signing of a merger agreement with Tianjin Port Holdings and China Merchants International Terminals, consolidating a number of major terminal facilities in China. The planned regionalisation of ports (region-wise consolidation) in China aims to rationalise capacity planning and reduce damaging competition between neighbouring ports. China now has 9 ports in the global top 25, compared to 11 two years ago. Another deal delivered as part of China’s regionalisation strategy was the July 2020 acquisition of Yingkou Port by Liaoning Port Company (previously known as Dalian Port Company). This all-scrip deal was worth USD 2.39bn (EV/EBITDA of 7.6x vs a long-term average of 11x). Strategically the deal is focussed on strengthening Liaoning Port’s status as a major gateway port in northeast China. According to the latest figures issued by China’s Ministry of Transport, Port of Dalian has registered an annual decline of 41.7% in volumes to adjust the overstatement of throughput in 2020 as well as volumes shifting to nearby Yingkou Port. Liaoning Port Company’s acquisition of Yingkou Port should help balance-out some of these inter-regional shifts in throughput. In another deal, Adani Ports and Special Economic Zones (APSEZ) acquired a controlling stake of 75% in Krishnapatnam Ports Company Ltd (KPCL) for USD 1.6bn (equivalent to an EV/EBITDA multiple of 10x). KPCL is a multi-cargo facility port situated in the southern part of Andhra Pradesh, a state which has the second longest coastline in India. The acquisition should accelerate APSEZ towards 500 million metric tonnes per annum by 2025 and is another step in implementing the company’s stated strategy of achieving cargo parity between west and east coasts of India. This latest addition to the portfolio complements Adani’s existing investments in Ennore and Kattupalli, strengthening its market position and control. From the valuation standpoint, the recent up-move highlights increased M&A activity in the sector. However, despite this increase, valuation remained below the long-term average, showcasing the possible acquisition opportunities.

Rystad Energy’s daily market comment from our Oil Markets Analyst Louise Dickson

AJOT | March 01, 2021 | Energy News | Conventional | By The Numbers

Oil prices are finally pricing in the full boost from the long-awaited US stimulus bill, rising on the prospect of extra spending and its related market benefits.

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