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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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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
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