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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, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
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- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
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