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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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Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
Friday, 09 February 18
COAL BUYERS SPOOKED BY INDONESIA'S NEW SHIPPING RULES - ASSOC
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would ...
Thursday, 08 February 18
ENHANCED PRODUCTION BY COAL INDIA LIMITED HELPS DECLINE IN COAL IMPORTS - UNION MINISTER OF RAILWAYS AND COAL
According to press release from PIB, as per the current import policy, coal is kept under Open General License (OGL) and consumers are free to impo ...
Thursday, 08 February 18
A NEW WEEK WITH A SOFT SENTIMENT AND DECREASING RATES IN BOTH HEMISPHERE FOR THE PANAMAXES, SAYS FEARNLEYS
Supramax
USG dropping remarkably due to lack of fresh enquiry both for fhaul and bhaul, Supras were fixed from USG to Spore-Japan range now aroun ...
Wednesday, 07 February 18
INDONESIAN COAL PRICE REFERENCE RISES TO HIT THIRTEEN-MONTH HIGH OF $100.69 A TON
COALspot.com: The Indonesian Coal Price Reference (HBA) rose 5.39 per cent in February 2018, the latest ministerial decree showed.
The benchma ...
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- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
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