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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
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