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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
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