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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
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