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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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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
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