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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
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