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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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Tuesday, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Economic Council, Georgia
- Sical Logistics Limited - India
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