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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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