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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, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
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- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
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