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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
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