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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, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- The University of Queensland
- The Treasury - Australian Government
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
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