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