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