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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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- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Australian Coal Association
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
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