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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Planning Commission, India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
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