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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, 21 June 18
CHINESE REDUCED COAL IMPORT RESTRICTIONS - CAIXIN GLOBAL
Caixin Global reported that the Chinese government has reduced restrictions on coal imports at the nation’s major ports in response to concer ...
Thursday, 21 June 18
INDIAN GOVERNMENT ADMITS COAL SHORTAGE, ASKS DISCOMS TO IMPORT - TIMES OF INDIA
Times of India reported that the power ministry has advised all state governments and private power distribution companies to import coal as Coal I ...
Tuesday, 19 June 18
WCA RESPONDS TO BP STATISTICAL REVIEW OF WORLD ENERGY 2018
Responding to BP’s Statistical Review of World Energy 2018, Benjamin Sporton, Chief Executive of the World Coal Association (WCA) said, &ldqu ...
Wednesday, 13 June 18
U.S. COAL PRODUCTION TO DECLINE BY 2% TO 756 MILLION SHORT TONS MMST IN 2018 - EIA
EIA forecasts U.S. coal production to decline by 2% to 756 million short tons (MMst) in 2018.
According to EIA's Short-Term Ener ...
Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
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- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
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