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Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
 South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of the virus are down to almost zero, and the country is restarting, with life getting back to “almost” normal. Nevertheless, the effects on the Korean economy have been significant, and this is reflected in the raw material imports this year.
In the first 4 months of 2020, South Korea imported 46.6 mln tonnes of crude oil by sea, according to vessel tracking data from Refinitiv.
This represents a net decline of -14.1% y-o-y, compared to the 54.3 mln tonnes imported in the same four-month period of 2019, although only down -5.3% from the 49.2 mln tonnes imported in the same period of 2018 says Banchero Costa Research in its latest report.
The research report further noted that, on a single-month basis, January 2020 was down -17.0% year-on-year to 11.1 mln tonnes, whilst February 2020 showed a -9.7% y-o-y decline to 12.6 mln tonnes. In March 2020 arrivals decreased again to 11.5 mln tonnes, down -8.5% m-o-m from February, and down -6.7% year-on-year. April 2020 recorded again 11.5 mln tonnes, a modest -0.4% decrease m-o-m from March, but a significant -21.9% y-o-y drop from 14.7 mln tonnes last year.
However, this comparison is quite misleading, as April 2019 was an exceptional month and an all-time record. South Korea is one of the largest consumers of oil in the world, relying almost exclusively on imports as a result of its minimal production.
South Korean crude oil imports rose by +10.6% in 2015 to 137.8 mln tonnes, then +4.4% in 2016 to 143.9 mln t in 2016, before peaking at 151.5 mln t in 2017. Imports in 2018 declined slightly by -0.3% to 151.0 mln t, and then increased anaemically by +0.7% y-o-y to 152.1 mln t in 2019, says the latest report.
Banchero Costa Research report further said, South Korea has always depended heavily on imports from the Middle East, to such an extent that starting from 2014 the government, in order to promote diversification, granted freight incentives to South Korean oil refiners buying crude oil from other regions. Still, in the first 4 months of 2020, as much as 63% of South Korea’s crude imports were shipped from the Arabian Gulf.
Shipments from Saudi Arabia to South Korea decreased by -11.2% y-o-y in Jan-Apr 2020, to 12.1 mln tonnes, from 13.6 mln tonnes in the same period last year. Saudi Arabia accounts now for 26% of South Korea’s total crude imports.
Arrivals from Kuwait also declined by -15.6% y-o-y in Jan-Apr 2020, to 6.1 mln tonnes, from 7.2 mln tonnes in the same period last year. Kuwait accounts for 13% of South Korea’s total crude imports.
Shipments from Iraq to South Korea crashed by -37.6% y-o-y in Jan-Apr 2020, to 4.1 mln t, from 6.5 mln t in the same period last year. Iraq now has a share of 9% of South Korea’s total crude imports.
Washington’s decision to re-impose sanctions against Iran from November 2018 had a huge impact on South Korean crude oil supply patterns. As a result, imports from Iran, at 4.4 mln tonnes in Jan-Apr 2018 and 3.8 mln tonnes in Jan-Apr 2019, came down to zero this year.
Imports from the United States, on the other hand, have surged. They were up +15% y-o-y in Jan-Apr 2020 to 7.0 mln tonnes, from 5.9 mln tonnes in the same period last year, and from just 1.0 mln tonnes in Jan-Apr 2018.
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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
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- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
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- Indian Energy Exchange, India
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- Singapore Mercantile Exchange
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
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- White Energy Company Limited
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- Intertek Mineral Services - Indonesia
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- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
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- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
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- Planning Commission, India
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- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
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- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
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- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
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- GMR Energy Limited - India
- Indonesian Coal Mining Association
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- ICICI Bank Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
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- Rio Tinto Coal - Australia
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- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
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- VISA Power Limited - India
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- India Bulls Power Limited - India
- CNBM International Corporation - China
- Australian Coal Association
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
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- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
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- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
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- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Romanian Commodities Exchange
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- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
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