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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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- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Siam City Cement - Thailand
- The University of Queensland
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
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