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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
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