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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, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
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