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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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Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
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- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
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