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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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Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
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