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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- The University of Queensland
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- CNBM International Corporation - China
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
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