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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, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
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