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Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
 The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great impact on shipping and international trade. The current contagion is focused in Liberia, Guinea and Sierra Leone as well as in Nigeria and Senegal, resulting in the development of fear-filled climate. Numerous nations have put in force several regulations and conventions for vessels that are or have recently called W. African ports. The WHO, ICS, IMEC and ITF have issued advices, focusing on precautions to be taken (i.e. restrictive crew changes, shore access, interaction with stevedores), safety (i.e. vigilance against stowaways and employment of the ISPS Code) and contingency planning.
Owners are widely confronted with the dilemma of whether or not to proceed to a port where their crews may be exposed to the risk of Ebola. Under a time charter scheme, an owner is bound to comply with Charterer’s orders but can refuse so when the vessel is exposed to safety risks. Charterer’s commitment is to order the vessel to a “safe” port and the issue in question is whether or not an Ebola infected port may be declared as “unsafe”. A “safe” port is defined as per the Eastern City case as follows; “A port will not be safe unless, in the relevant period of time, a particular ship can reach it, use it and return from it without, in the absence of some abnormal occurrence, being exposed to danger which cannot be avoided by good navigation and seamanship". Therefore, there is some legitimacy in the suggestion of deeming a port “unsafe”. On the contrary, in light of the fact that WHO has advised measures to avoid infection, declaring a port as “unsafe” seems challenging and subject to the risk status of each port. The situation under voyage charters is still ambiguous, as Owner’s failure to proceed to a nominated port by the Charterer may constitute a breach of contract. Consequently, this may give the Charterer ground to claim damages, unless the charter party is sustained by a deviation clause or a force majeure clause.
Owners are committed under the bill of lading to deliver and care for the cargo onboard, while any inconsistency from the agreed contract of carriage may prejudice the Member’s P&I cover. If the B/Ls do not allow the unloading at a different port, Owners may be liable to the cargo receivers for certain losses emerging from deviation and/or delay and/or any local law that may be in force. However, under English and U.S law Owners seek indemnity from Charterers for losses or damages incurred by complying with Charterers’ orders. In the event of a crewmember infection, the Owner should ensure removal from the vessel. Under a time charter and in the absence of an express clause, the Owner will be liable for costs related to the welfare of the crew. If infection occurs after Charterer's orders to an affected port, then Owner may be able to claim expenses subject to the agreed C/P.
WAF ports are increasing screenings prior to granting Free-Pratique. Notably, before and after a vessel calls a high risk port, parties should be prepared for delays and long quarantines, while authorities inspect the vessel and crew. Outside of WAF, Barbados, Brazil, Argentina, South Africa and the US, all have implemented mandatory inspection policies.
Tackling the issue at hand is further inhibited by the fact that at this time there isn't sufficient case law or authority on whether and when a port can be declared as “unsafe”. This makes any analysis somewhat subjective and open to interpretation when the governing charter party does not contain specific clauses addressing the risks, delays or liabilities associated with the virus. Owners/Charterers with vessels trading at Ebola infected / high risk WAF ports may see price variation of goods exported or imported and on freight rates, all of which will affect commodity sellers and buyers.
By Katerina Restis
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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.
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Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
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- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
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