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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
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