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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
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