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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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Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
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- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
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