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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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Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- White Energy Company Limited
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
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