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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, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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Showing 3366 to 3370 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
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