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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
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