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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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Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Australian Coal Association
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
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