Thursday, December 18, 2014
Shipping sector changes freight contracts to reflect Ebola dangers
Some of the shipping industry's largest trade associations are altering freight contracts to reduce commercial exposure for firms whose ships travel to countries affected by the Ebola outbreak and to protect crews from the fatal virus.
Uncertainty about the spread of Ebola adds to legal and financial issues for companies involved in shipping oil, cocoa and minerals from the region. Last month, Reuters reported that some shipping lines were starting to modify contracts to protect themselves.
INTERTANKO, whose members own the majority of the planet’s tanker fleet, has introduced an Ebola clause that includes stipulations to find alternative ports if there is risk to the crew. Charterers will be liable for costs if a vessel is quarantined.
BIMCO, the world's largest global shipping association whose members include owners and brokers, is about to introduce a clause, but not one that will be Ebola specific.
"We consider the generic clause approach to be more pragmatic than issuing a 'single issue' clause," Grant Hunter of BIMCO said.
The worst outbreak of Ebola on record has killed 6,583 people in three West African countries, Sierra Leone, Liberia and Guinea, and infected 18,188 people, according to the World Health Organization.
For more of the Reuters story: www.reuters.com
More Newswire stories
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Maersk Asia-Pacific expects boost in regional demand
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