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Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
 On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of Norway. A month later a second attack took place, involving 2 tankers passing near the straits of Hormuz. The above incidents were followed by the detention of an Iranian VLCC in Gibraltar by the British Royal Marines, the “Grace 1”, which was carrying crude oil to be discharged in Banyas, Syria. It should be noted that the discharging of crude oil cargo in Syria is a breach of EU Sanctions. Following this, British ships were threatened when passing the Straits of Hormuz /Gulf of Oman, thus resulting in many tankers which were supposed to load inside Arabian/Persian Gulf, not proceeding with loading/discharging ops. In other instances, British naval ships have been escorting ships, as happened with BP's ship the MT British Heritage & the MT Pacific Voyager. To date the situation in the area remains volatile, while Iran’s official position is that there is no involvement from their side in any of the attacks whatsoever. Meanwhile the market remains under pressure without any signs of significant improvement.
Throughout the above-mentioned period the Joint War Committee listed the Persian Gulf and Gulf of Oman as high-risk areas, and concurrently war risk premiums for ships trading in the area have rocketed. The present situation should have Owners with ships trading in the area, double checking their contractual rights and protective clauses in their time charter parties.
During the negotiations of fixtures, Owners/Charterers negotiate and mutually agree the trading areas, though if the specific area has not been excluded then it’s something that needs to be renegotiated/reviewed on a case by case basis. War Risk clauses depending on how they are drafted, may offer protection to owners, by giving the option of terminating the TC/P in the event of a war risk i.e. Shelltime 4, 1984, or enabling the master to refuse charterers orders and timely request new voyage orders.
Another important point to stress is the “Safe/Unsafe Port” situation. If the TC/P lacks a clause targeting directly to the situation of safe/unsafe port or berth, then it’s solely down to Owners/Masters’ discretion. Below there is a good example of how this situation can be complicated, and therefore needs to be assessed on a case by case basis according to the UK Defense club.
“The Saga Cob [1992] 2 Lloyd’s Rep. 545, there had been an attack on a ship at an Eritrean port within the previous three months and there had also been other attacks, yet the port was deemed not unsafe and the charterers were not in breach of the safe port warranty by ordering the ship there. By contrast, in The Chemical Venture [1993] 1 Lloyd’s Rep. 508, there had been three attacks on ships in the previous eleven days at a single port. The court held that the port was unsafe and that it was negligent for charterers to send a ship there.”
To put it briefly, the present situation is not straightforward, before Owners/Charterers order a ship to enter a high war risk area/port/berth they have to timely asses their already agreed contractual agreement, and discuss with their clubs and legal associates before taking any decisions, on how to treat the situation. A cautious and patient approach could prevent claims/disputes with the contractual parties of the TC/P in the near future.
By Dimitris Kourtesis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
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- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Planning Commission, India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
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