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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
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