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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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Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
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- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
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- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
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- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
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