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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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- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
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