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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, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- VISA Power Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Planning Commission, India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
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