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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, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- GMR Energy Limited - India
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