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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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
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- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
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