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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Planning Commission, India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
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