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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, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- White Energy Company Limited
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- CNBM International Corporation - China
- VISA Power Limited - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
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