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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, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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