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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, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
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- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
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