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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, 07 June 16
CS COAL INDEX ROSE FOR SECOND STRAIGHT WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.38 percent week over week to averaging $39.16 per ton this past week, shows ...
Monday, 06 June 16
BDI GAINED ON A STRONGER DEMAND FOR CAPESIZE SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week on a stronger demand for Capesize ves ...
Friday, 03 June 16
DRY BULK VESSEL DELIVERIES COULD BE LESS THAN 50 MILLION DWT IN 2016, AS OWNERS DELAY OR CANCEL NEWBUILDING ORDERS
The dry bulk market has been caught between a rock and a hard place over the course of the past couple of years, as on one hand demand has plunged, ...
Friday, 03 June 16
U.S WEEKLY COAL PRODUCTION SLIDES 1.3% - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.5 million short tons (mm ...
Wednesday, 01 June 16
INDIA'S COAL IMPORTS IN APRIL 2016 DECLINED 15% Y/Y; COAL INDIA INCREASED COAL PRICES BY 6.2%
Coal India has approved raising weighted average coal prices by 6.2 per cent over the current price for both regulated and non-regulated sectors.
...
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- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Economic Council, Georgia
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