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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- The University of Queensland
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
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