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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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Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
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- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
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