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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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Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Siam City Cement - Thailand
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Australian Coal Association
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- GMR Energy Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
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