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