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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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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
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