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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, 13 December 17
REFINED COAL HAS MADE UP NEARLY ONE-FIFTH OF COAL-FIRED POWER GENERATION SO FAR IN 2017 - EIA
The U.S. power sector consumption of coal is increasingly shifting to refined coal, even as coal-fired electricity generation decreases. Use of ref ...
Wednesday, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
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- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
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