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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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Planning Commission, India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Australian Coal Association
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
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