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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Planning Commission, India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
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