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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, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
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- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Australian Coal Association
- McConnell Dowell - Australia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- White Energy Company Limited
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