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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, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
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- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Australian Coal Association
- The University of Queensland
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
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