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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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Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- The University of Queensland
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
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