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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, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- PTC India Limited - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
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