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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
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