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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, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - 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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- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
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