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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, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
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