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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
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