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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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Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
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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- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Planning Commission, India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
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