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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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Monday, 26 October 20
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KNOWLEDGE TO ELEVATE
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Friday, 23 October 20
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Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
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Wednesday, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
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- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
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