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