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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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Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
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