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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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Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
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- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- The University of Queensland
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
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