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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- CNBM International Corporation - China
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- The University of Queensland
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