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Wednesday, 15 July 15
ANY FUTURE IRAN OIL DEAL WILL BOOST SUPPLY FUNDAMENTALS WITH TANKER OWNERS HOPING FROM TEHRAN TO QUICKLY BOOST ITS PRODUCTION
With the Greek “Euro-drama” apparently over, at least for now, Iran’s oil deal still remains elusive, with any potential agreement now being delayed at least unitl the fourth quarter of the year. This weekend was another missed deadline to reach an agreement, just as the oil markets began to price in the prospect of more oil coming in. According to the latest report from shipbroker Gibson, whilst both sides appear willing to continue, the failure to seal a deal last night means that US lawmakers will have two months to scrutinise any proposal, opposed to just one month had the deal been signed last night. Therefore, it is unlikely that sanctions will be lifted before the fourth quarter.
However, as Gibson noted, “if sanctions are removed, Iran will understandably be keen to re-capture market share, notably in Europe and Asia. Exports of Iranian oil to OECD Europe peaked at just below 900,000 b/d in 2007, contrasted to 120,000 b/d in the first quarter of 2015. A similar trend has been observed in OECD Asia whereby imports have declined from 700,000 b/d to 270,000 b/d over the same period. Imports into OECD Asia since 2007 have gone almost exclusively to Japan and Korea. However, exports to China, which is not part of the OECD have followed an opposite trend. In 2007, Chinese imports of Iranian oil stood at 530,000 b/d and have risen to remain consistently above 1 million b/d since 2011, coinciding with the implementation of Western sanctions. Exports to India, another key market for Iran, have also been under pressure, shrinking to just 220,000 b/d for the year to date”, the London-based shipbroker said in its latest weekly report.
Gibson added that “Iran has made it clear that it will endeavour to return exports to pre sanction levels if the embargo is lifted. Whilst Tehran claims it could increase production immediately by 500,000 b/d and then another 500,000 b/d six months later, most market participants are more pessimistic. However, oil/condensate in floating storage, which Gibson estimates at approximately 42 million barrels, could be quickly released. With little indication that other OPEC members would be willing to cut production to accommodate additional Iranian barrels, the demand side developments for the crude tanker market would certainly be positive. Further support may also be found from the inherent symptoms of increasing production in an oversupplied market, notably with regards to difficulties in placing and discharging cargoes ashore”.
Of course, with more Iranian crude, comes the release of more Iranian tonnage. According to Gibson, “the Iranian fleet currently consists of 37 VLCCs (5.8% of the global VLCC fleet), 12 Suezmaxes and 5 Aframaxes, with most currently absent from the conventional tanker market. The Iranian fleet will need to re-establish compliance with international standards if it is to enter the mainstream spot markets. However, these vessels will continue to serve a purpose and are likely to get first refusal on any Iranian cargoes. Furthermore, our analysis of Iranian trading patterns identifies a number of operational inefficiencies (for example extreme slow steaming) which could be quickly rectified in response to higher demand. Therefore, the net effect is not only more ships, but also improved trading efficiency, bolstering the supply fundamentals”, said Gibson.
The shipbroker concluded its analysis by noting that “if sanctions are lifted, it may be that Iranian vessels return to the market before any significant increases in crude exports, which would prove immediately bearish for the sector. On this basis tanker owners would hope Tehran ramp up its production as quickly as possible in order to absorb this additional tonnage”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Planning Commission, India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
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