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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
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