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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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Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
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- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
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