https://www.irobiocide.com -based Fanavaran Petrochemical Business has actually sold around 90% of its methanol for loading in July in spite of a recent ramp-up of Western assents versus Iran, a firm source said Tuesday decreasing to offer specific quantities.
The company sold 2 cargoes amounting to 20,000-25,000 mt using a tender to 2 companies based in China. The parcels will certainly fill early July from Banda Imam Khomeini, for shipment early August in China.
The resource decreased to reveal the price but said one freight was done on a fixed price basis as well as the various other on a drifting basis. The business's previous drifting tenders have been based upon the average of Platts and ICIS methanol assessments, CFR.
Fanavaran also just recently awarded an additional tender to an end-user in India for July-loading methanol, the source said decreasing to offer information.
Fanavaran will likely provide a 3rd tender for the remainder of its July-loading methanol later this month, the source said.
Because May 1, EU-based insurance firms have not been allowed to provide insurance coverage cover for Iranian petrochemical shipments to non-EU nations. Because of this, Iran producers are discovering it tough to locate vessels to relocate item out of the country, Platts has reported previously.
According to the source at Fanavaran, products for a vessel bring methanol from Iran to China is around $90-105/ mt presently, while freight to India expenses around $50-60/ mt. Before the permissions were imposed, the cost of moving methanol from Iran to China was around $45-55/ mt as well as it cost around $25-29/ mt to move item to India.
Fanavaran has a 1 million mt/year methanol plant in Bandar Imam Khomeini, which the source said is currently operating at 90% of ability. There is no turnaround prepared for the plant this year.
Besides Fanavaran, Iran's methanol plants consist of a 660,000 mt/year plant on Kharg Island owned by Kharg Petrochemical Business, and also 2 1.7 million mt/year system in Assaluyeh possessed by Zagros.