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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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- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
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