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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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Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Planning Commission, India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
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