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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, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
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- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Parliament of New Zealand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
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