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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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Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
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