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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, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
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- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Ministry of Transport, Egypt
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