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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
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