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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, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
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