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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, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- PTC India Limited - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Australian Coal Association
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
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