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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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- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- PTC India Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
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