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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, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
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- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
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