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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
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