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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, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- The University of Queensland
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
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