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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
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