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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, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO 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, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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