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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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Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
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