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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- PTC India Limited - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
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- Eastern Coal Council - USA
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- Eastern Energy - Thailand
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- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
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- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
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- Commonwealth Bank - Australia
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- Wilmar Investment Holdings
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- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
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- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
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- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
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- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
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- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
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- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
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