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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, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
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- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
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