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Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
 This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers of the oil market. Crude and product flows remain in the spotlight, with Vitol's global head of research highlighting in his speech that ahead of the sanctions' full effect, 2m b/d of crude oil and 1m b/d of oil products will have to be rerouted. Below are listed the key market indicators of crude and product flows during September so far.
In the crude sector, flows from the US to Europe are set to hit a near 3-year high in September, while crude inventories in ARA region are now surpassing 95% of the region's storage. A total of 48 tankers are expected to deliver at least 42.4m barrels in September, with tally likely to be revised at the end of the month. China's crude imports rebound in August to reach 8.34m tons from 7.15m tons in July, facing tailwinds from refiners restocking activities ahead of the peak autumn season. Russia's crude flows during the 1H of September have fallen sharply due to a drop in ESPO shipments following Hinnamnor typhoon, paired with a drop in shipments from Baltic. Europe's current imports of Russian oil currently stand below 300,000 b/d, 75% lower than pre-invasion levels. In the meantime, flows to three major importers, China, India, and Turkey have stalled since mid-August, standing at 460,000 b/d. Overall, Russian oil shipments are almost 50% lower since March and are estimated to come under more pressure following the sanctions' full effect.
In the product sector, European imports from the Middle East are set to hit a 3-year high in September, amid the bloc's effort to restock ahead of the winter season. European countries are diversifying their energy suppliers and turn to rival suppliers from the Middle East to substitute their seaborne Russian fuel imports. A total of 2.99m tons of middle distillates are set to arrive in Europe from MEG during September. Middle Eastern diesel/gasoil imports will soar to 31% of the bloc's total imports, during the month of September, versus avg.19% during the previous 12 months. Meanwhile, diesel/gasoil inventories in ARA region have plunged to a 14-year low. European oil products exports to the US are set to fall in September, on the back of lower gasoline exports. A total of 1.77m tons are estimated to reach US East Coast versus 2.59m tons in August. China is set to allow its oil refiners to export more fuel, in an effort to boost the country's economy. The increase in export quota refers to an extra 15m tons of refined products, including gasoline and diesel, which will increase this year's total exports to 39m tons, compared to 38.6m tons a year ago.
While tanker rates have been soaring during the past months, generating high profits for the owners, sentiment in the tanker market remains extremely bullish. China will need to source extra crude in the coming months and the US could be a perfect supplier under a widening WTI-Dubai spread. VLCC tonne-miles are expected to increase, while product tankers' earnings will be supported by increased Chinese product exports under the quota. Meanwhile, a peak of weather disruptions amid the ongoing US hurricane season could lead to vessel delays in the Atlantic basket and refinery outages on the US East Coast, providing further support to the product tanker market.
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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
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