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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- The University of Queensland
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Central Electricity Authority - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
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