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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, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
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- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
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