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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
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