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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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Showing 3366 to 3370 news of total 6871 |
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- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- MS Steel International - UAE
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
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