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Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
 This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers of the oil market. Crude and product flows remain in the spotlight, with Vitol's global head of research highlighting in his speech that ahead of the sanctions' full effect, 2m b/d of crude oil and 1m b/d of oil products will have to be rerouted. Below are listed the key market indicators of crude and product flows during September so far.
In the crude sector, flows from the US to Europe are set to hit a near 3-year high in September, while crude inventories in ARA region are now surpassing 95% of the region's storage. A total of 48 tankers are expected to deliver at least 42.4m barrels in September, with tally likely to be revised at the end of the month. China's crude imports rebound in August to reach 8.34m tons from 7.15m tons in July, facing tailwinds from refiners restocking activities ahead of the peak autumn season. Russia's crude flows during the 1H of September have fallen sharply due to a drop in ESPO shipments following Hinnamnor typhoon, paired with a drop in shipments from Baltic. Europe's current imports of Russian oil currently stand below 300,000 b/d, 75% lower than pre-invasion levels. In the meantime, flows to three major importers, China, India, and Turkey have stalled since mid-August, standing at 460,000 b/d. Overall, Russian oil shipments are almost 50% lower since March and are estimated to come under more pressure following the sanctions' full effect.
In the product sector, European imports from the Middle East are set to hit a 3-year high in September, amid the bloc's effort to restock ahead of the winter season. European countries are diversifying their energy suppliers and turn to rival suppliers from the Middle East to substitute their seaborne Russian fuel imports. A total of 2.99m tons of middle distillates are set to arrive in Europe from MEG during September. Middle Eastern diesel/gasoil imports will soar to 31% of the bloc's total imports, during the month of September, versus avg.19% during the previous 12 months. Meanwhile, diesel/gasoil inventories in ARA region have plunged to a 14-year low. European oil products exports to the US are set to fall in September, on the back of lower gasoline exports. A total of 1.77m tons are estimated to reach US East Coast versus 2.59m tons in August. China is set to allow its oil refiners to export more fuel, in an effort to boost the country's economy. The increase in export quota refers to an extra 15m tons of refined products, including gasoline and diesel, which will increase this year's total exports to 39m tons, compared to 38.6m tons a year ago.
While tanker rates have been soaring during the past months, generating high profits for the owners, sentiment in the tanker market remains extremely bullish. China will need to source extra crude in the coming months and the US could be a perfect supplier under a widening WTI-Dubai spread. VLCC tonne-miles are expected to increase, while product tankers' earnings will be supported by increased Chinese product exports under the quota. Meanwhile, a peak of weather disruptions amid the ongoing US hurricane season could lead to vessel delays in the Atlantic basket and refinery outages on the US East Coast, providing further support to the product tanker market.
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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
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