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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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Vedanta Resources Plc - India
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