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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
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