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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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Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
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- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
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