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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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- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Minerals Council of Australia
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