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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, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
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Showing 1626 to 1630 news of total 6871 |
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- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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