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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- The Treasury - Australian Government
- VISA Power Limited - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
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