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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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Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
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- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
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