E1 Corp

"South Korean trader E1 Corp has bought 44,000 mt of LPG from Iran's Petrochemical Commercial Co., possibly the first spot cargo from the Middle Eastern producer to come to Asia this year, after an EU ban on propane and butane trade from Iran brought its exports to a near halt since late last year, market sources said last Friday. The cargo comprising 33,000 mt of refrigerated propane and 11,000 mt butane was purchased via a spot tender by E1 for loading over May 15-25, and will be shipped by PCC on a CFR basis, a source familiar with the matter told Platts... Traders said that this is the first tender issued and awarded by PCC since September last year, which was heard to have also been won by E1... 'I gather Iranian tons reappearing on the market seems to have been the catalyst to Eastern selling,' one market source said, adding that E1 featured as sellers of Contract Price swaps over the last last few days." (Platts, "Iran LPG cargo may be first to come to Asia this year after EU ban - sources," 3/12/13)