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Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
 Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed production to take advantage of elevated prices, indirectly initiating a price war with U.S. shale producers and in sequence, putting oil prices into a long bear market. The pandemic brought another shock to the energy complex sending Brent prices to the lowest level since late ‘90s with WTI turning negative. The shock shifted the forward curve into a contango structure benefitting traders and increasing demand for floating storage sharply with tankers enjoying an unprecedented freight rally in Q2 2020. Last year, however, the tide turned, with crude prices rising by more than 50%. The rally carries into 2022 leading to rising oil equities as well.
Now oil demand is expected to return to pre-pandemic levels this year, according to several analysts, while others expect pre pandemic levels to be exceeded this year. However, prices could have more room to rise to tempt major oil producers to ramp up production. The rise in oil prices due to supply tightness has deepened the backwardated structure of the forward curve keeping crude tankers demand in check, as oil inventories draw down to serve demand, while floating storage is also likely to unwind further in this pricing context.
OPEC+ has failed to deliver the targeted quotas so far to fully restore output to pre pandemic levels, as West Africa nations struggle to ramp up production after years of underinvestment. In the meantime, oil exports from the world’s 2nd largest oil exporter, Russia, could be impacted negatively if talks with the US fail to de-escalate tensions near the Ukrainian borders, where Russian troops have amassed and sanctions are imposed by the West. Saudi Arabia, one of the only exporters with the ability to quickly expand output, could make up for missing quotas by its market allies. US oil producers would also benefit by increasing production and exports to Europe.
Even though the call on OPEC excl. Russia to boost supplies would increase, with Russia being an ally in OPEC+ this strategy would be difficult to implement without jeopardizing the alliance. Oil prices rallying sustainably above $90/bbl would eventually trigger demand destruction and cause the back end of the oil curve to rally and spot prices to drop. The OPEC+ meeting tomorrow might surprise the market, as the group could decide to release a higher production quota than the 400k barrels per day, according to Goldman Sachs view, highlighting that the combination of low inventories and spare capacity has been resolved by significant price rallies that in turn trigger a high supply response. The latter is what the tankers market needs to see the light at the end of the tunnel.
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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Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
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- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
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- Bangladesh Power Developement Board
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- Indonesian Coal Mining Association
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- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Goldman Sachs - Singapore
- Planning Commission, India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
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