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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
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