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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
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