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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, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
Friday, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
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- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
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