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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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Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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Showing 1306 to 1310 news of total 6871 |
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- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
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