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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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