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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Bhatia International Limited - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- The University of Queensland
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
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