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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, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
Tuesday, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
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- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
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