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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
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