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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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Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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Showing 1616 to 1620 news of total 6871 |
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- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
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