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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
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