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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, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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