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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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Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
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