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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
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