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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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Friday, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
Friday, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
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- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Economic Council, Georgia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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