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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
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