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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
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