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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- PTC India Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
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