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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, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
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