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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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Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, 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 ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Wilmar Investment Holdings
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Planning Commission, India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
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