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