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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
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