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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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Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
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