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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Thai Mozambique Logistica
- Australian Coal Association
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- The University of Queensland
- PTC India Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
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