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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- MS Steel International - UAE
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
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