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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, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
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- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- PTC India Limited - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
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