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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
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