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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, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- VISA Power Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
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