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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- The University of Queensland
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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