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Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
 As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in the charter parties. The time to start thinking about what is in the charter party is not 1 January 2020. There will be an important transitional period in the run up to this date, during which owners and charterers need to prepare and plan for the switch to compliant fuels.
Many older forms of standard time charter parties do not contain the detailed and comprehensive provisions required to deal with modern bunkering issues. The industry needs to start thinking now about the implications of low-sulphur fuel requirements on long-term contracts of affreightment (COAs) and time charters that may begin before 2020, to avoid contractual disputes.
It is vital that charter parties and COAs make it very clear that the specifications of the fuel supplied to the ship by the charterers must be compliant. Many older standard forms do not have any provisions concerning fuel types, specifications, sampling and testing – but all these aspects need to be addressed.
BIMCO plans to supplement its existing suite of bunker clauses with a new clause dealing specifically with the 2020 global sulphur cap. Work on this high-priority new clause begins in September.
Who picks up the fine if the fuel is not compliant?
From 2020, it will be the shipowners’ responsibility to make sure the ship is compliant with the new low-sulphur fuel regulations – so the shipowner will be the one who is fined if the ship is caught without the right fuel on board. That makes the owner very dependent on the time charterer to provide the right type of fuel, and if the charter party is vague – or does not deal with the issue – there will be disputes.
The industry needs a clause stating that, if the charterer does not deliver the right type of fuel, he will protect the owner from any consequences or fines if he gets caught by port state control. Such a clause also needs to deal with the potential complications of the many ways of formulating low-sulphur fuels. BIMCO’s head of contracts and clauses, Grant Hunter, says the industry does not yet fully understand what the effect might be on engines, even if the same type of fuel is mixed, but from different batches.
“If there is a delay or a problem with the engine because the fuel has been mixed – even if that fuel is compliant – who will pick up the cost for the delay? These types of questions are becoming urgent as we go through the transitional period,” Hunter adds.
“You cannot wait until 1 January 2020 to switch to these new fuels; you might be halfway across the Pacific, and you need the right type of fuel on board before finding yourself there. You will need to start before you are legally obliged to.”
Scrubbers – should the bill be shared?
Another area that BIMCO will be examining is the use of scrubbers. Some owners may decide to fit a scrubber on the vessel and, so, continue to use heavy fuel oil instead of buying the compliant, but more expensive, low-sulphur fuel. If a scrubber is installed during a long-term time charter contract, should the time charterer contribute to the cost of the scrubber?
“If the ship has a scrubber system, the charterer will benefit in the short term because they can continue to buy and use heavy fuel oil – which, initially, will be much cheaper than 0.5% low-sulphur fuel. The shipowner may then ask if that is fair, or if the parties ought to share the cost of fitting a scrubber on the vessel,” Hunter says, adding that such a cost-sharing agreement must be specified in the contract.
For these and many other reasons, BIMCO has gathered together an expert team of representatives – from shipowners, charterers, technical experts, and lawyers – with P&I Clubs to look after the insurance aspect. The group will start working on the new clause in September, with the aim of producing the clause as quickly as possible to help minimise the number of disputes as the 2020 sulphur cap deadline closes in on the industry.
Source: BIMCO Bulletin, By Mette Kronholm Fraende, Communications Manager at BIMCO
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Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Mercator Lines Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
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