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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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Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
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- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- The University of Queensland
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- ASAPP Information Group - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
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