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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
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