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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, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
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