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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, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
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