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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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Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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Showing 1631 to 1635 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
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