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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, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
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Showing 3351 to 3355 news of total 6871 |
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- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Planning Commission, India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
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