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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, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
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