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Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
 While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight amid concerns about declining oil prices, the recovery of China’s demand, and a possible deal with Iran.
US crude exports from USG surged 13.5% m-o-m at 3.626m b/d in August, marking a record year to date. The main importer of US crude oil was Europe with an increase in imports of 17% m-o-m at 49m barrels. Asia’s imports surged 27% m-o-m at 47m barrels, with Asia using 70% of the total 33 supertankers used to export US crude.
Brazilian crude exports surged at 1,202m b/d, hitting a 3-month high, on the back of demand recovery from Europe and China. Exports to China increased 10% m-o-m, while exports to Europe surged by 32% m-o-m. However, exports to the US fell by 67%.
Flows from the North Sea to Europe remained elevated, with a total of 98% of cargoes received by EU countries. North Sea total output for the month of August reached 1.86m b/d, flat m-o-m.
Kuwait crude exports marked a 5-month high in August, increasing 3% m-o-m at 2.811m b/d, while planning to further increase its output in September at 2.818m b/d. Exports to India fell to their lowest since June 2020 in August. Deliveries to China fell to the lowest year to date at 468k b/d, but adding shipments to China via Myanmar, they increased by 6.4% at 532k b/d. Flows to Egypt marked a 9-month high, while flows to the US also increased. Meanwhile, exports to Vietnam remained stable and exports to Japan decreased marginally. Saudi crude exports surged 10.8% m-o-m at 7.6m b/d on the back of increased flows to China and Egypt. Qatar’s August oil exports edged marginally higher at 896k b/d in August from 892k b/d in July, underpinned by higher flows to Japan which jumped to the highest since February. Flows to Singapore and UAE also increased, while exports to China fell to the lowest since November 2020, and exports to India decreased m-o-m. Crude and condensate exports from UAE slipped by 2% from a 5-year high in July to 3.645m b/d, due to a short-time halt in Fujairah exports following heavy rainfalls and floodings paired with a decline in China-bound flows. While exports to China, South Korea, and Taiwan fell during August, exports to Japan marked a record high, and exports to India also increased.
Venezuelan exports slumped in August mainly due to Chinese refinery cuts during the same month. Total exports reached 375k b/d, down 26% m-o-m. Flows to China decreased 19% m-o-m ahead of simultaneous maintenance in many teapot refineries, while export to Cuba slumped 49% m-o-m due to a fire at a fuel depot which disrupted flows.
Iraq’s crude exports plunged to a 4-year low at 3.62m b/d in August from 3.70m b/d in July. Exports to Europe fell almost 50% m-o-m, albeit higher than the 3-month average before Russia’s invasion. Shipments to China surged 27.8% m-o-m, while shipments to India edged 8.9% higher m-o-m. Iraq has been competing with discounted Russian barrels and while China and India have been snapping Russian cargoes, European buyers are shunning barrels from Iraq.
Libyan exports jumped to a 5-month high at 931k b/d in August, +58% m-o-m. Exports were buoyed by the assignment of a new chairman at the NOC, however, clashes in Tripoli in late August raise doubts about the country’s oil exports recovery.
West Africa’s August exports fell by 1.7% m-o-m to 3.15m b/d, due to ongoing thefts in Nigeria. Nigerian exports fell below Angolan for a second time during the last 3 months. Angolan exports were marginally higher m-o-m. While exports to China and Europe increased by 43% m-o-m and 1.08% m-o-m respectively, exports to the US edged marginally lower for the same period.
By Chara Georgousi,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
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