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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Planning Commission, India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
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