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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Independent Power Producers Association of India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- PTC India Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
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