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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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Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
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- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
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