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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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Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
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- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
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- Central Electricity Authority - India
- Economic Council, Georgia
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- Parliament of New Zealand
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- Rio Tinto Coal - Australia
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- Planning Commission, India
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- Bhatia International Limited - India
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- Latin American Coal - Colombia
- Interocean Group of Companies - India
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- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
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- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
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- Siam City Cement PLC, Thailand
- The University of Queensland
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- Indian Oil Corporation Limited
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- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
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- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
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- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
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- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
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