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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
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