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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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
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