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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Economic Council, Georgia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
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