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