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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, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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Showing 1346 to 1350 news of total 6871 |
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- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
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