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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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Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
Friday, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
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- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
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