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