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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- White Energy Company Limited
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
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