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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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Tuesday, 15 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 Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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