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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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Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
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Showing 2436 to 2440 news of total 6871 |
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- VISA Power Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- The University of Queensland
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
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