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