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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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