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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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Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
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- ASAPP Information Group - India
- The University of Queensland
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
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