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