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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, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
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Showing 3421 to 3425 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- PTC India Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
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