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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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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
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- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
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