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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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Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
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- Meralco Power Generation, Philippines
- White Energy Company Limited
- MS Steel International - UAE
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
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