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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
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