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