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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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- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
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