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