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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, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
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- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
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