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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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Showing 2426 to 2430 news of total 6871 |
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- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
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