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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- The Treasury - Australian Government
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
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