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