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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, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
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Showing 2511 to 2515 news of total 6871 |
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- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
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