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