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Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
 BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party – LNGVOY – designed for the expanding LNG spot market. During the development process, BIMCO and GIIGNL consulted with the industry globally to gather a clear picture of how an LNG voyage charter party should work in practice. Careful account was taken of the interests of both owners and charterers to create a balanced and clearly worded agreement.
One of the main goals of LNGVOY is to provide a charter party whereby the charterer can assess, with a greater degree of accuracy, the cost of transporting LNG from A to B and/or C.
Four main issues inherent in LNG shipping have been addressed for voyage charters:
a “boil-off” cap whereby both owner and charterer agree on a negotiated maximum quantity of boil-off over the voyage. In case the cap is exceeded, a compensation structure, agreed during negotiations, is applied, subject to a few limited exceptions.
LNG Heel at the commencement and completion of the voyage – it was considered that legal title (ie ownership) to the heel should remain with the owner throughout the charter and that there would be a balancing payment between the quantities remaining on board, again, at the commencement and completion of the voyage. This arrangement helps avoid potential issues with administration and bills of lading etc.
Presentation – condition of the cargo tanks on arrival at the loading port is now covered. The costs involved can be handled adequately under a voyage charter as opposed to a time charter trip covering the three potential conditions:
– cooled down ready to load
– warm under natural gas vapours
– warm and inerted.
Arrival at discharge port – given the inherent nature of the cargo, scheduling of arrival times at discharge carries great importance and delays can be very costly. As a result, most voyages have a specific delivery window and risks of delay and ensuing boil-off have been allocated.
Chairman of the LNGVOY drafting group, Rodney Hyne-Jones, formerly of Exmar, said:
“LNGVOY is equitable to both owners and charterers and provides a solid contractual platform for the transportation of LNG in an ever-growing spot market. It enables all parties to handle the costs involved in a more precise way.”
According to Vincent Demoury, General Delegate, International Group of Liquefied Natural Gas Importers:
“GIIGNL hopes that a pro forma voyage charter dedicated to carriage of LNG will assist the LNG industry in maximising opportunities for the sale of spot cargoes and the carriage of LNG on simple, predictable terms.”
Grant Hunter, BIMCO Chief Officer Legal and Contractual Affairs added:
“BIMCO is delighted to have had the opportunity to work together with GIIGNL on this project to develop a viable standard voyage charter party for the LNG trade. “LNGVOY is the product of several years’ worth of thorough discussion. It’s something completely new for the LNG sector which has, until now, relied primarily on trip time charters for spot market opportunities.
“This new charter party gives owners and charterers another alternative when deciding on the most appropriate terms for their LNG transportation needs.
Source: BIMCO
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Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
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Showing 2471 to 2475 news of total 6871 |
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- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Planning Commission, India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- The University of Queensland
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Central Electricity Authority - India
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