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Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
 A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the state of Qatar over assertions that it is sponsoring terrorism. Furthermore, various prohibitions have been imposed on land, sea and air travel as well as movement of goods into and out of Qatar, triggering economic and social isolation. President Trump has supported S. Arabia even though Qatar was recently identified by him as a “strategic partner”. Unfortunately, such developments mark an unprecedented swift in Middle Eastern relations, which undoubtedly affect the maritime industry with developing implications.
Qatari flagged or owned vessels, calling ports in S. Arabia, UAE and Bahrain have been restricted from entering and also excluded from their regional waters. A ban has been imposed in certain ports on vessels of any flag arriving from, or bound for, Qatari ports. Currently, the restriction is related only to the last/next port call as a vessel transiting via a third country such as Kuwait or Oman would not be refused entry. Additionally, Saudi Arabia has prohibited the discharging of goods of Qatari origin in its ports. Egypt further cut off diplomatic ties with Qatar and access to its airspace but Suez Canal transit remains open and unaffected for Qatari flagged or owned vessels and delivery of cargoes. In view of the current situation Qatar ports have not yet declared any joint restraint on any vessel arriving from, or proceeding to, S. Arabia, the UAE or Bahrain.
Moreover, UAE acquires almost 1/3 of its natural gas from Qatar via the Dolphin Energy pipeline. The value of Qatar’s trade with Saudi Arabia is over $2 billion, $7 billion with the UAE and $500 million with Bahrain. Remarkably, Qatar exports more to these countries than it imports. The exposure of the S. Arabia banking sector to Qatar is assessed to be $30 billion with the UAE’s exposure being of similar magnitude. It has recently been reported that some Saudi, UAE and Egyptian banks are suspending business with Qatari banks until they receive guidance from their central banks.
Qatar is a major exporter of condensate and the trade sanction may render the purchase of Qatari crude and condensate difficult. Excluding vessels that have called at Qatar may require traders to differ their trading patterns. For example, as recently reported, the LNG carriers Zarga and Al Mafyar with Qatar cargo onboard are going to Europe around the continent of Africa as an alternative of the preferred route via the Red Sea and the Suez Canal.
Bunkering is also likely to be affected in bunkering ports such as Fujairah, where some three-quarters of tankers sailing through the Gulf stopover to refuel. It is reported that the Fujairah port’s immigration is not permitting crews to join or to sign off vessels coming from or bound to Qatar. Largely, Qatar and its neighbors share strong cultural and family ties.
In any event, for the time being, there is no indication of the dispute de-escalating. In the short term, the costs will fall more heavily but not entirely on Qatar. However, if the conflict persists, Qatar will search for alternative channels, which could in turn change the economic, social, and political landscape of the Gulf in ways that will ultimately challenge its neighbors. The current conflict comes at a time of severe economic downturn caused by the fall in global energy prices. Gulf economies are already distressed due to low oil prices. We expect to have more visibility on the operational and further implications of the restrictions against Qatar as the matter unfolds.
By Katerina Restis
Tanker Chartering
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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Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
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