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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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Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
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