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Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
 Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed their upward trend since August 20th.
Brent futures have been trading higher over the past couple of weeks, with hurricane Ida idling US Gulf oil production and providing support. In addition, traders saw a buying opportunity following the OSP price cuts into Asian refineries. Positive news on Covid developments and also Chinese data suggesting crude oil inventories stand at the lowest level since June 2020 are also interpreted as bullish for oil consumption and economic momentum ahead.
Numerous countries in Asia Pacific are easing certain Covid-19 restrictions, such as Thailand, New Zealand and Hong Kong, while the South African variant slowed in August according to scientists, all supporting oil demand expectations. Generally, Europe has emerged as a “center of strength” for road fuels demand as the economies opened during the summer period, where people have naturally used more road transportation vs air during the travel season. Nevertheless, according to real time traffic data, European road fuels demand dropped by around 5% or 3-400,000 bpd m/m in August that had a slow start, from the recent peak in July. However, recent news are positive for Brent as European traffic has been picking up by two percent over the past two weeks. Overall, global road traffic congestion levels continue to pick up over the past two weeks, a trend that has emerged since mid-August. Robust gasoline demand and low inventories in both sides of the Atlantic Ocean also lend support to light-sweet crude benchmarks such as Brent.
Additionally, we have noted that the Chinese crude imports rose to a five-month high of 10.5 million bpd in August, driven by state backed oil refineries. The question is whether this trend in China’s crude imports will remain upwards in the coming months. That is a difficult question to answer, as it also depends on government policies on quotas and use of strategic reserves, as per analysts’ consensus.
The Asian market seems to have the potential for an increase in crude oil imports from Middle East as OPEC+ releases production, while US crude oil production is lagging behind along with refinery activity after the recent hit of Hurricane Ida. The hurricane Nicholas following this week is yet to show its effect, but overall it looks like the oil supply tightness in the West is exacerbating, which increases the call on OPEC+ to satisfy rising crude oil demand projected through the 4th quarter of the year.
By Apostolos Rompopoulos,
Tanker Broker
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Australian Coal Association
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
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