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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
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