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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
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