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