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