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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, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
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