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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- White Energy Company Limited
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
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