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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- White Energy Company Limited
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
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