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