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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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Saturday, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
Friday, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
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- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Minerals Council of Australia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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