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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Trasteel International SA, Italy
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- White Energy Company Limited
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Posco Energy - South Korea
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
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