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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Planning Commission, India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
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