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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.
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Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - 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 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
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