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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
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