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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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Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
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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- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- India Bulls Power Limited - India
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