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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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Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
Thursday, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
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- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- PTC India Limited - India
- Posco Energy - South Korea
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
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