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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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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
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- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
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