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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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Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
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- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
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