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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, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
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