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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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- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
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