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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
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