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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, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Eastern Coal Council - USA
- Latin American Coal - Colombia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
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