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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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- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Xindia Steels Limited - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
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