We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
|
|
|
Showing 31 to 35 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
|
| |
| |
|
