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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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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- VISA Power Limited - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
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