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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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Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
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