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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- GMR Energy Limited - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Australian Coal Association
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Planning Commission, India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
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