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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Australian Coal Association
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Mercator Lines Limited - India
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