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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- CNBM International Corporation - China
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- London Commodity Brokers - England
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
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