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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, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
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