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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- The University of Queensland
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
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