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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
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