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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Bhatia International Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
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