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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- The University of Queensland
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
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