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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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Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
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