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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, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- VISA Power Limited - India
- GMR Energy Limited - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- The University of Queensland
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
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