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