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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Planning Commission, India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
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