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