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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, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
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- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
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