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Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
 Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel and Sharara fields and blocked the transportation of crude oil to the Zawiya export terminal. Overall the aforesaid oil fields produce approximately 70,000bpd and 300,00bpd, comprising the nation’s leading producing fields. Particularly, Sharara field is operated by NOC in a joint venture with Spain’s Repsol, France’s Total, Austria’s OMV and Norway’s Equinor and El Feel is operated by the NOC and Italy’s Eni.
Libya’s state oil company has recently professed a force majeure after exports from the eastern ports of Brega, Ras Lanuf, Hariga, Zueitina and Sidra were blocked. Accordingly, this has overall resulted to almost 800,000bp of the total 1.23mbd being cut off from the country’s crude oil output, a figure that could get even smaller. So far, the financial losses are calculated at approximately USD 40 million/day as reported by NOC, with the above disruption being the biggest on record since the September attacks to the Middle East oil facilities.
The knee jerk reaction was an increase of oil prices, which nonetheless failed to last. The fast increase of oil production from non-OPEC producers (United States, Brazil, Guyana, and Norway) together with the recent outbreak of the coronavirus in China, have shifted investors’ expectations in regards to future demand for the commodity and have already pushed oil prices down.
Overall, discussions and concerns are focused on how long Libya’s main export terminals will remain closed for, with Europe being Libya’s largest oil importer. If no quick resolution is provided fuel loadings from the Mediterranean will continue to drop. It is argued that local refineries will source crude from other areas such as the Unites States, Africa and NW Europe. Therefore lengthier hauls of Aframax and Suezmax vessels may be reinforced, while Black Sea loadings could also contest with consumers East of Suez.
Overall, NOC’s declaration of force majeure can allow Libya, which holds Africa’s largest-proven oil reserves, to legally suspend delivery contracts. Having said that, pressure from the negative financial effects on participants will hopefully lead to a resolution of the current turmoil sooner rather than later. Obviously this is a complex political condition with multiple effects and economic impact while the recent Berlin summit tried to take a step closer to achieving peace in the area.
Last week the US Embassy in Libya urged for an immediate reopening of oil production fields in view of risks intensifying the humanitarian emergency in the country. Looking forward, it is challenging to forecast when Libyan crude production will resume. Output and exports may be speedily restored, however if the disruption continues beyond the upcoming refinery maintenance season in Europe, then the market impact will be sizeable and changes in trade flows even more apparent.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
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- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
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