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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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Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
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- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
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