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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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Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
...
Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
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- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Planning Commission, India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
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