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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- PTC India Limited - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Planning Commission, India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
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