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Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
 BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard Term Sheet and two marine services agreements – one for use in dismantling of offshore oil and gas structures, and the other for spill response equipment and personnel.
Novation Agreements
BIMCO has just published a set of standard novation agreements. They provide a legal framework to change one of the original parties to a contract. Two of the agreements are for a change of charterer/owner. The third covers a change of buyer under a shipbuilding contract.
SUPPLYTIME
The widely used SUPPLYTIME 2005 time charter for offshore service vessels is being updated. A team of industry experts representing owners and charterers has been working on a new edition for the past 12 months. The main focus has been on modernisation and adding greater clarity to the contract, rather than a radical overhaul of its terms and conditions. To reflect changes in commercial practice and legal developments over the past 10 years, the updated edition will feature a number of new clauses that are commonly added as riders.
The drafting team, headed by Ian Perrott, former CEO of Hamburg based ER Offshore, has just completed a first full review of the contract. Later this year, draft copies of the updated SUPPLYTIME will be circulated to a selected industry “sounding board” for feedback and input. The target completion date for the project is May 2017.
BARECON
When it comes to bareboat chartering a ship, the natural choice of contract is BIMCO’s BARECON – which is very much the industry standard agreement for this activity. BARECON was last updated in 2001.
Work on a new edition began earlier this year. The focus so far has been on delivery and redelivery aspects – particularly the condition of the ship and survey and inspection rights.
The drafting team, headed by Captain Ajay Hazari, Director at Anglo Eastern Ship Management in Hong Kong, will also look in detail at the insurance provisions of BARECON.
A first draft of the updated bareboat charter will be shown to BIMCO’s Documentary Committee in November.
WORLDFOOD
The World Food Programme is a UN humanitarian organization with a mandate to fight hunger globally. It buys food and charters ships to send aid to where it is needed. Transport by sea is the main method used for food aid cargoes. The WORLDFOOD charter party, originally developed together with BIMCO in 1986, is used exclusively by the World Food Programme.
The charter party was last updated in 1999. The World Food Programme recently asked BIMCO to help update and modernise the agreement. The Agency requires shipowners to accept a high degree of flexibility to change ports at short notice because of the often volatile areas in which they operate. In this respect the WORLDFOOD charter differs from other standard voyage charters.
The main focus of the update will be to add new editions of some of the older standard clauses found in the charter party – such as War Risks and Law and Arbitration. New clauses will cover issues such as piracy and compliance with the MLC Convention.
The drafting team, headed by Jean-Pierre Laffaye of Louis Dreyfus Armateurs will continue working with World Food Programme representatives to update the charter party. The next meeting will be held in Paris in October.
Standard Term Sheet
BIMCO’s draft Standard Term Sheet has just been positively reviewed by an industry “sounding board” composed of representatives from shipowners, banks, lawyers and other people interested in the term sheet project.
The drafting team will look at all the comments from the “sounding board” at their next meeting at the end of. The outcome of these consultations, together with a revised draft, will be presented to the Documentary Committee at its next meeting in November.
Source: BIMCO
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Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
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