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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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Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
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- Ministry of Finance - Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
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