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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, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- The Treasury - Australian Government
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Australian Coal Association
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
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