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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- The University of Queensland
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
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