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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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Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Planning Commission, India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
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