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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- The University of Queensland
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
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