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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Minerals Council of Australia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Planning Commission, India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
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