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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
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