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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, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Parliament of New Zealand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
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