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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, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
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- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
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