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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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Showing 3351 to 3355 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- The University of Queensland
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
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