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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, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- The University of Queensland
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
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