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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, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
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