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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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Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
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- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
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