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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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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Australian Coal Association
- Power Finance Corporation Ltd., India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
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