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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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Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
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- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
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