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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
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