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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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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
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