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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
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