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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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