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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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Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
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- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
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