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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, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Central Electricity Authority - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
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