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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, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
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