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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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
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- GMR Energy Limited - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
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