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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, 01 June 16
ZERO SUPPLY TO FUEL GROWTH IN THE DRY BULK MARKET SAYS BIMCO PRESIDENT
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipo ...
Wednesday, 01 June 16
MARKET INSIGHT - LINOS KOGEVINAS
In another page from this year’s oil drama, oil has, after a series of gains, rebounded to ~$50 / barrel and immediately stopped climbing. &n ...
Tuesday, 31 May 16
CS50 INDONESIA COAL INDEX UP 0.28% COMPARED WITH A WEEK AGO
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.28 percent week over week to averaging $39.01 per ton this past week, shows ...
Monday, 30 May 16
BORYEONG POWER PLANT TO IMPORT HALF A MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea’s state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 500,000 Metric Tons of Bituminous Coal T ...
Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
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Showing 2411 to 2415 news of total 6871 |
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- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
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