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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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Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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Showing 3431 to 3435 news of total 6871 |
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- Marubeni Corporation - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
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