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Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
 Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially thought to be an oil or gas crisis, turns out to be an unfolding diesel crisis, with scarce availability of the fuel and historically low inventories adding headwinds to an already tight market.
In the US, diesel inventories are hitting historically low levels. Albeit fuel shortages, especially on the East Coast, combined US exports of crude oil and products surged to 11.4m b/d in the week ending October 21st, according to EIA. But while the US government is concerned over the unfolding diesel crisis, it is draining the SPR which has zero impact on diesel production. Officials are concerned that the 1m-barrel reserve will not suffice to counter a severe disruption this winter and are mulling ways to bolster supplies. In the meantime, oil companies are facing pressure from the government to export less fuel and build domestic inventories, while Biden’s administration has not yet ruled out a possible curb on exports. US refineries’ crack margins from turning crude oil into diesel are skyrocketing. Meanwhile, diesel demand nationwide is showing signs of hitting the brakes, surging to its highest seasonal level since 2007, over the last month before dipping this past week. The fuel shortage, which is crucial for heating and trucking, will likely be exacerbated as colder weather forces consumers to increase consumption to heat up their homes.
In the meantime, two consecutive malfunctions in Europe’s biggest refinery, the Shell Pernis plant near Rotterdam, as well as refinery strikes in France have caused supply disruptions at a time when the continent can ill afford it, given the upcoming EU ban on purchases of refined petroleum from Russia that’s due to start in early February.
On the other hand, a bullish combination of recently granted fuel export quotas from the Chinese government to domestic refineries and the end of refinery maintenance work in some major Asian refineries are set to provide some relief to the current market tightness by lifting global refinery processing rates. More specifically, 290k b/d of refining capacity in South Korea will return from maintenance in November, while India’s planned maintenance procedures will resume by December. Meanwhile, China’s refiners have been utilizing the government’s export quotas and have been opting for higher prices overseas. Diesel output surged by 22% m/m to a historical high of 17m tons this month. This comes as a response to reviving diesel demand and collapsing jet fuel consumption. Chinese fuel exports are further underpinned by weak domestic demand. October loadings of clean fuels from Asia to the Americas surged to 715k tons in the week ending Oct. 31st, hitting a 3-year high. Looking forward, we expect that diesel cargoes from Asia will continue to flow toward the US East Coast, underpinned by current favorable market fundamentals.
Overall, while we should expect some support from Asian refiners to the US market, the EU’s looming sanctions on Russian oil products will once again drive the market on the edge, as Europe, which is still reliant on Russian diesel, will ultimately run short on the fuel and could possibly draw some cargoes from Asia, limiting thus supply for the US.
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 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- The University of Queensland
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
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