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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Marubeni Corporation - India
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