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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, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
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