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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, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
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