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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, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
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- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
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