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Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
 The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraints in travelling and broader economic activity have resulted in the decline of global oil demand. The existing turmoil does not allow market participants to come to safe conclusions on what the final impact in the economy and total oil demand will be.
On the global supply side, record output cuts from OPEC and deep declines from other non-OPEC producers saw global oil production deteriorating. Respectively, global oil output is calculated to increase by 1.7mb/d in 2021 subject to OPEC cuts and basis Norway’s and Brazil’s deliveries. On the other hand, USA supply is estimated to decrease by almost 1 mb/d in 2020 except if further investments arise for the shale industry. The global refinery intake was close to 69 mb/d up to the end of April and overall, down by 12 mb/d on y-o-y basis. Further to that, product stocks raised sharply with OECD recording increases of oil stocks close to 4.9 md/d in April while floating storage for crude oil fell in May. Moreover, OPEC decided in June to extend their output cut close to 10 mb/d throughout July focusing on rebalancing the market. Crude prices rose in May to the highest seen in the past three months as demand resumed and global supply fell strongly. Rising prices compressed products such as diesel, jet and kerosene due to the weak outlook for the aviation industry while freight rates plunged as OPEC cuts took effect.
While the oil market remains fragile, the recent recovery in oil prices implies that the first half of 2020 will end in a more positive outlook than expected. On the demand side, China’s exit from lockdown restrictions has resulted in a demand recovery in April touching 2019 levels. In addition, we have witnessed a strong boost in Indians demand in May, however it is still well below year-ago levels. In the second half of the year, easing of global lockdown measures should give a boost to the oil market. Even so, demand in 2020 is expected to be 8.1 mb/d lower compared to 2019, with the biggest declines being reported in the first half of the year.
The IEA has developed two scenarios on how global oil demand could evolve this year. In the more pessimistic scenario, global measures will fail to contain the virus, and global demand will fall by 730,000 b/d in 2020. In a more optimistic case, the virus is contained quickly around the world, and global demand will grow by 480,000 b/d. Covid-19 impact on oil markets may be temporary, but the longer-term challenges that suppliers will face are not going away, especially for those that are heavily dependent on both oil and gas revenues.
To sum up, as we are beyond the first half of 2020 and measures such as the OPEC agreement and the meeting of G20 energy ministers have provided a major contribution to the efforts for restoring stability to the market, if recent trends in production are maintained and demand does recover, the market will stabilize by the end of the second half. The short-term outlook for the oil market will ultimately depend on how quickly governments will move to contain the corona-virus outbreak, how successful their efforts will be, and what impact the global health crisis will have on economic growth.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
...
Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- The University of Queensland
- Central Electricity Authority - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
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