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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
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