OPEC Impact of Qatar Move More Important Than Shipping Rate Effect — Panjiva
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OPEC Impact of Qatar Move More Important Than Shipping Rate Effect

China 2979 Corp - Ports 884 Mode - Containerized 1475 Mode - Seaborne 1806 Mode - Tanker 183 Qatar 14 Sanctions 163 Theme - Rates 235

Action by six states including Saudi Arabia against Qatar continues for a second week, with diplomatic ties cut and shipping movements restricted. The main impact has been upon oil prices and tanker rates, which fell 9% and 11% last week. That may reflect concerns that OPEC production cuts may unwind due to tensions within the group. Container rates also fell 1% on China-to-Gulf routes, partly reflecting lower bunker fuel costs. Comments from Maersk on finding alternative routes for Qatari traffic may have helped, though more rate decisions are due this week and may give a truer picture ...

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