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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
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