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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
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