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