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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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Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
Wednesday, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
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- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- PTC India Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- White Energy Company Limited
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
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