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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, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
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