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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
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