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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 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
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