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