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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, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- PTC India Limited - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
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