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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
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