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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
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