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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 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
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