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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
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