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