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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Australian Coal Association
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
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