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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
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