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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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Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
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- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
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