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