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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
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