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