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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
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