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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- VISA Power Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
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