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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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Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
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