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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
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