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Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
 After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a number of companies started demonstrating interest for oil and gas investments there.
The start was rather encouraging as in January 2016, with production increasing from 2.8 million barrels per day to 3.5 million barrels per day, reaching 3.83 million barrels per day in August 2017. High field pressure was temporary and production was not maintained at high levels.
Additionally, it is worth mentioning that crude oil exports increased from 2.5 million barrels per day in October 2016 to 2.61 million barrels per day in April 2018. This however was caused due to stored oil and not from new production, which would have been the ideal case.
During the 2010-2016 period, there were already many oil fields that had started entering the maturity phase and could not maintain satisfactory pressure to pump oil. So when the sanctions were first introduced, things became even tighter for the country. NIOC could not find a way to maintain fields at a solid productive capacity. Together with the fact that the oil revenue was declining, NIOC was eventually obligated to shutter oil wells in multiple fields due to lack of required funding.
What I would like to highlight here is that even before Trump’s sanctions, Iran found it difficult to approach foreign investors and companies to work together with NIOC.
What Iran really required once the sanctions were lifted was foreign investment and foreign expertise to revamp its oil and gas production infrastructure. As a means of enticing foreign companies to invest and work in Iran, the country’s Oil Minister, Bijan Namdar Zangeneh, sought to offer new oil contracts with more lucrative terms compared to those prior to the sanctions. Nevertheless, those new contracts never materialized.
Post Trump’s sanctions
When the new sanctions arrived in May 2018, Total, the only foreign oil company that had actively pursued investment in Iran, announced that it would drop the project on the South Pars 11 gas field.
In contrast to the above, we noticed a rare export from Khrag island to Chile after 16 years according to refineries’ records; (MT “MONTE TOLEDO” 140 NHC 24 MAY KHARG/CHILE).
Spain's Repsol purchased 500,000 barrels of Pars Oil on a spot basis. Pars Oil, co-loaded with Iranian heavy grade is a new grade produced in the West Karoun block. This specific trade shows Tehran’s willingness not only to raise oil exports but also to expand trade with Europeans.
To conclude, Iran is expected to focus on the improvement of its oil production as well as continue seeking new business allies in order to survive the newly introduced sanctions form the U.S. At the same time European powers are also expected to keep supporting Iranian oil exports and continue purchasing Iranian crude, simply because they wish to keep the nuclear accord with Tehran alive.
By Apostolos Rompopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
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