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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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Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
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- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
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