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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 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
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