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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, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
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- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Planning Commission, India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
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