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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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Monday, 24 June 24
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- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
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