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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, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
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- The University of Queensland
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
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