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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
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