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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Australian Coal Association
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Planning Commission, India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
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