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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
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 im ...
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- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- The University of Queensland
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
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