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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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Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
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- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
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