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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, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
Friday, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
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- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Agrawal Coal Company - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
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