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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, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
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- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Planning Commission, India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
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