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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, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- PTC India Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
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