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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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Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Australian Coal Association
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
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