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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, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
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