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