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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, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Planning Commission, India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
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