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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 amid concerns about declining oil prices, the recovery of China’s demand, and a possible deal with Iran.
US crude exports from USG surged 13.5% m-o-m at 3.626m b/d in August, marking a record year to date. The main importer of US crude oil was Europe with an increase in imports of 17% m-o-m at 49m barrels. Asia’s imports surged 27% m-o-m at 47m barrels, with Asia using 70% of the total 33 supertankers used to export US crude.
Brazilian crude exports surged at 1,202m b/d, hitting a 3-month high, on the back of demand recovery from Europe and China. Exports to China increased 10% m-o-m, while exports to Europe surged by 32% m-o-m. However, exports to the US fell by 67%.
Flows from the North Sea to Europe remained elevated, with a total of 98% of cargoes received by EU countries. North Sea total output for the month of August reached 1.86m b/d, flat m-o-m.
Kuwait crude exports marked a 5-month high in August, increasing 3% m-o-m at 2.811m b/d, while planning to further increase its output in September at 2.818m b/d. Exports to India fell to their lowest since June 2020 in August. Deliveries to China fell to the lowest year to date at 468k b/d, but adding shipments to China via Myanmar, they increased by 6.4% at 532k b/d. Flows to Egypt marked a 9-month high, while flows to the US also increased. Meanwhile, exports to Vietnam remained stable and exports to Japan decreased marginally. Saudi crude exports surged 10.8% m-o-m at 7.6m b/d on the back of increased flows to China and Egypt. Qatar’s August oil exports edged marginally higher at 896k b/d in August from 892k b/d in July, underpinned by higher flows to Japan which jumped to the highest since February. Flows to Singapore and UAE also increased, while exports to China fell to the lowest since November 2020, and exports to India decreased m-o-m. Crude and condensate exports from UAE slipped by 2% from a 5-year high in July to 3.645m b/d, due to a short-time halt in Fujairah exports following heavy rainfalls and floodings paired with a decline in China-bound flows. While exports to China, South Korea, and Taiwan fell during August, exports to Japan marked a record high, and exports to India also increased.
Venezuelan exports slumped in August mainly due to Chinese refinery cuts during the same month. Total exports reached 375k b/d, down 26% m-o-m. Flows to China decreased 19% m-o-m ahead of simultaneous maintenance in many teapot refineries, while export to Cuba slumped 49% m-o-m due to a fire at a fuel depot which disrupted flows.
Iraq’s crude exports plunged to a 4-year low at 3.62m b/d in August from 3.70m b/d in July. Exports to Europe fell almost 50% m-o-m, albeit higher than the 3-month average before Russia’s invasion. Shipments to China surged 27.8% m-o-m, while shipments to India edged 8.9% higher m-o-m. Iraq has been competing with discounted Russian barrels and while China and India have been snapping Russian cargoes, European buyers are shunning barrels from Iraq.
Libyan exports jumped to a 5-month high at 931k b/d in August, +58% m-o-m. Exports were buoyed by the assignment of a new chairman at the NOC, however, clashes in Tripoli in late August raise doubts about the country’s oil exports recovery.
West Africa’s August exports fell by 1.7% m-o-m to 3.15m b/d, due to ongoing thefts in Nigeria. Nigerian exports fell below Angolan for a second time during the last 3 months. Angolan exports were marginally higher m-o-m. While exports to China and Europe increased by 43% m-o-m and 1.08% m-o-m respectively, exports to the US edged marginally lower for the same period.
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, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- Riau Bara Harum - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
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