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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, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
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