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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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