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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- Wilmar Investment Holdings
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
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