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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
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