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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, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Tuesday, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
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- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
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