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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Planning Commission, India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
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