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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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- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
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