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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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Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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