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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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Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
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