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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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Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
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