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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.
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Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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Showing 1296 to 1300 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
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