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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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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Showing 1621 to 1625 news of total 6871 |
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- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
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