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Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
 KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a time charterers’ bankruptcy which is then later compounded by the arrest of their vessel by suppliers because the charterers have failed to pay for bunkers. A bunker supplier’s ability to arrest a vessel stems from a right of lien or retention over the bunkers that can be enforced in some, but not all jurisdictions, even though the owners are not a party to the bunker supply contract. The Bunker Non-Lien Clause is an attempt to introduce a step-change into this process by requiring time charterers to put their bunker suppliers on notice, prior to agreeing any bunker supply, that the bunkers will be bought solely on the charterers’ account.
According to Grant Hunter, Chief Officer of Legal and Contractual Affairs at BIMCO, “It is quite common in the industry for Masters to stamp bunker deliver notes with a statement that the bunkers have been purchased by the charterers and that there is no lien against the vessel. Unfortunately, once the delivery of fuel has taken place, this sort of notice is generally ineffective. The bunker suppliers need to be placed on notice before-hand and this is the practice that the Bunker Non-Lien Clause introduces. The Clause acts as a useful safety-net for owners when concluding a time charter in that solid charterers should have no problem agreeing to such a clause because they will of course pay for the bunkers they order. However, if the financial standing of a charter is in doubt, then they may be more reluctant to accept the responsibilities and liabilities imposed by the clause and this should create a warning flag to owners. Ultimately, if a charterer fails to comply with this clause, a Master has the right to refuse to take delivery of the bunkers – so it is a provision with some teeth”.
The Bunker Non-Lien Clause for Time Charter Parties is now available to download from the clauses section of the BIMCO website and to users of IDEA2. A Special Circular has been issued to members which contains a copy of the clause and explanatory notes setting out the background to the clause.
Source: BIMCO / Hellenic Shipping
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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
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