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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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Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- SMC Global Power, Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- The University of Queensland
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
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