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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- The Treasury - Australian Government
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
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