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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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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Planning Commission, India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
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