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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
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