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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
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- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Australian Coal Association
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
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