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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, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
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