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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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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
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