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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, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- ASAPP Information Group - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
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