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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, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- PTC India Limited - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
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