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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, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
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