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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
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