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