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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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Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
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- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
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