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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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Showing 1636 to 1640 news of total 6871 |
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- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
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