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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- PTC India Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
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