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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Economic Council, Georgia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Australian Coal Association
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
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