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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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Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
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- Indian Energy Exchange, India
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- Minerals Council of Australia
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- Aditya Birla Group - India
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- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
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- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
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- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Commonwealth Bank - Australia
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- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
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- Agrawal Coal Company - India
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- Lanco Infratech Ltd - India
- Australian Coal Association
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- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
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- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
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- Ministry of Finance - Indonesia
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- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
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- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
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- Karbindo Abesyapradhi - Indoneisa
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- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- CNBM International Corporation - China
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- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
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- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
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- Anglo American - United Kingdom
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- Petron Corporation, Philippines
- Electricity Authority, New Zealand
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