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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
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