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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Central Electricity Authority - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- VISA Power Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Romanian Commodities Exchange
- The University of Queensland
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
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