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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, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
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- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Australian Coal Association
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Anglo American - United Kingdom
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