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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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Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
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- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- The University of Queensland
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
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