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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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Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
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- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
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