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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Planning Commission, India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
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