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Wednesday, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
 On July 14th, 2015 a historical consensus was reached in Vienna between Iran and the five permanent members of the U.N. Security Council, plus Germany (P5+1), to eliminate Tehran’s nuclear program in return for lifting international oil and financial sanctions. The US-Iran deal is the most important breakthrough in their bilateral relationship since 1979, when the Iranian revolution disturbed their relations. In particular, Iran has agreed not to produce any plutonium enriched weapons and additional heavy water reactors for 15 years. The assurance that Iran is satisfying the deal’s commitments will be granted through an extensive UN inspection and observation under the International Atomic Energy Agency (IAEA). It is discussed that assessments and transparency measures may remain in place for as long as 25 years. Expressly, President Obama stated that “this relief will be phased in. Iran must complete key nuclear steps before it begins to receive sanctions relief.”
The markets are already looking towards the challenges, options and prospects that will emerge with the deal being signed. Notably, oil prices fell due to investors’ expectations of an increase in oil exports from Iran to an already oversupplied market. It is estimated that Iran could supply an extra 200k-400k bpd of crude in 2016 on top of a release of 20-40 million barrels from floating storage. The NIOC Managing Director states that if there is enough demand, it is estimated that production could increase by 500k-600k bpd reaching its pre-sanctions level of 4 million bpd within 6 to 12 months. Furthermore, China’s economy is witnessing a growth slow down, while global oil production is close to record highs and thus traders weigh the risk of oil prices possibly falling further.
Furthermore, the agreement will gradually benefit companies that transport Iranian Oil. Once the EU ban on insuring tankers carrying Iranian crude is lifted, imports to countries such as India and Turkey will be comforted and will promote the purchase of contracted volumes. Iran has traditionally been India’s second-largest supplier of crude oil and the prospect of lifting sanctions will also facilitate Pakistan to complete the Iran-Pakistan pipeline. Moreover, it would again be legal for P&I insurance clubs and companies that cover shipowners for several risks to insure Iranian oil cargoes.
Likewise, it is estimated that lifting petrochemical sanctions will permit $1 billion in exports for Iran. The increase in Iranian supplies of oil and gas would trickle down to Europe’s chemical industry, creating a potential game changer for energy-intensive businesses. A traditional player is coming back into the market and preeminently needs to sell, therefore chemical plants of Europe will definitely benefit. Energy companies from Royal Dutch Shell to BP commented after the deal was signed that they were examining their options in a post-sanctions Iran, where production and export potential could expand with the appropriate investment strategies.
Decades of sanctions have inevitably affected the local population and Iranian political setup. With the prospect of sanctions being lifted, Iran’s economic potential will allow for numerous opportunities not only for Iran but also for the wider region, which will directly translate into an increased influence in the Middle East. More importantly, the deal will have some prompt and long-term influence both on global and regional level. The deal will bring out Iran from international isolation. Nevertheless, Iran will have to wait for almost a year to yield the financial returns of the deal, while the six major world powers will most probably reap the benefits of the lower cost of oil immediately.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
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