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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
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