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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
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