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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Australian Coal Association
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- The University of Queensland
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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