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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
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