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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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Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
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- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Interocean Group of Companies - India
- The University of Queensland
- McConnell Dowell - Australia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
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