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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
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