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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, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- GMR Energy Limited - India
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- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
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- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
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- Bangladesh Power Developement Board
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- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
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- SN Aboitiz Power Inc, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
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- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
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- Planning Commission, India
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- ICICI Bank Limited - India
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- Chettinad Cement Corporation Ltd - India
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- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
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- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
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- Thai Mozambique Logistica
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
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- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Latin American Coal - Colombia
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- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
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- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- The University of Queensland
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
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- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
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- Larsen & Toubro Limited - India
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