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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, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- GMR Energy Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Australian Coal Association
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
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