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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Siam City Cement PLC, Thailand
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
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