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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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