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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Planning Commission, India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
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