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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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Wednesday, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- The University of Queensland
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
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