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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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Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
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