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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, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
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- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
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