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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
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