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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- The University of Queensland
- Marubeni Corporation - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
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- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- PTC India Limited - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
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