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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
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