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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
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