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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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Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
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