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Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
 South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of the virus are down to almost zero, and the country is restarting, with life getting back to “almost” normal. Nevertheless, the effects on the Korean economy have been significant, and this is reflected in the raw material imports this year.
In the first 4 months of 2020, South Korea imported 46.6 mln tonnes of crude oil by sea, according to vessel tracking data from Refinitiv.
This represents a net decline of -14.1% y-o-y, compared to the 54.3 mln tonnes imported in the same four-month period of 2019, although only down -5.3% from the 49.2 mln tonnes imported in the same period of 2018 says Banchero Costa Research in its latest report.
The research report further noted that, on a single-month basis, January 2020 was down -17.0% year-on-year to 11.1 mln tonnes, whilst February 2020 showed a -9.7% y-o-y decline to 12.6 mln tonnes. In March 2020 arrivals decreased again to 11.5 mln tonnes, down -8.5% m-o-m from February, and down -6.7% year-on-year. April 2020 recorded again 11.5 mln tonnes, a modest -0.4% decrease m-o-m from March, but a significant -21.9% y-o-y drop from 14.7 mln tonnes last year.
However, this comparison is quite misleading, as April 2019 was an exceptional month and an all-time record. South Korea is one of the largest consumers of oil in the world, relying almost exclusively on imports as a result of its minimal production.
South Korean crude oil imports rose by +10.6% in 2015 to 137.8 mln tonnes, then +4.4% in 2016 to 143.9 mln t in 2016, before peaking at 151.5 mln t in 2017. Imports in 2018 declined slightly by -0.3% to 151.0 mln t, and then increased anaemically by +0.7% y-o-y to 152.1 mln t in 2019, says the latest report.
Banchero Costa Research report further said, South Korea has always depended heavily on imports from the Middle East, to such an extent that starting from 2014 the government, in order to promote diversification, granted freight incentives to South Korean oil refiners buying crude oil from other regions. Still, in the first 4 months of 2020, as much as 63% of South Korea’s crude imports were shipped from the Arabian Gulf.
Shipments from Saudi Arabia to South Korea decreased by -11.2% y-o-y in Jan-Apr 2020, to 12.1 mln tonnes, from 13.6 mln tonnes in the same period last year. Saudi Arabia accounts now for 26% of South Korea’s total crude imports.
Arrivals from Kuwait also declined by -15.6% y-o-y in Jan-Apr 2020, to 6.1 mln tonnes, from 7.2 mln tonnes in the same period last year. Kuwait accounts for 13% of South Korea’s total crude imports.
Shipments from Iraq to South Korea crashed by -37.6% y-o-y in Jan-Apr 2020, to 4.1 mln t, from 6.5 mln t in the same period last year. Iraq now has a share of 9% of South Korea’s total crude imports.
Washington’s decision to re-impose sanctions against Iran from November 2018 had a huge impact on South Korean crude oil supply patterns. As a result, imports from Iran, at 4.4 mln tonnes in Jan-Apr 2018 and 3.8 mln tonnes in Jan-Apr 2019, came down to zero this year.
Imports from the United States, on the other hand, have surged. They were up +15% y-o-y in Jan-Apr 2020 to 7.0 mln tonnes, from 5.9 mln tonnes in the same period last year, and from just 1.0 mln tonnes in Jan-Apr 2018.
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Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
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- Larsen & Toubro Limited - India
- White Energy Company Limited
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- Aboitiz Power Corporation - Philippines
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- Planning Commission, India
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- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
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- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
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- Kumho Petrochemical, South Korea
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- Holcim Trading Pte Ltd - Singapore
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- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
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- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
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- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Australian Coal Association
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- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
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- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
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- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
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- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
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- McConnell Dowell - Australia
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- Karbindo Abesyapradhi - Indoneisa
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- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
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- Economic Council, Georgia
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- Ministry of Transport, Egypt
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- Semirara Mining and Power Corporation, Philippines
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- Vizag Seaport Private Limited - India
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- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
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- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
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- IHS Mccloskey Coal Group - USA
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