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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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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Australian Coal Association
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Economic Council, Georgia
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