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Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
 To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementation date (or end shortly before), BIMCO has published two bunker clauses (accessible on the BIMCO website):
- The 2020 Marine Fuel Sulphur Content Clause for Time Charter Parties, which replaces the BIMCO Fuel Sulphur Content Clause 2005. This requires charterers to provide fuel that complies with the applicable sulphur cap; and
- The 2020 Fuel Transition Clause for Time Charter Parties, which deals with the one-off event of removing, if necessary, all non-complaint fuel from the vessel.
A third clause dealing with scrubbers is expected to be published by BIMCO early next year. This is likely to propose a regime under which the costs of installing scrubbers are allocated between owners and charterers.
The clauses are to be welcomed by the market as they provide a very helpful starting point for owners and charterers in amending their charterparties to address the different issues arising out of the sulphur cap. However, the BIMCO clauses have generally been drafted with a view to providing what the BIMCO drafting committee consider to be a “fair allocation of responsibilities and liabilities” in line with existing default charterparty contracting positions. Whether individual owners or charterers consider them to be fair, or even want them to be fair, when considering their own operational arrangements is a different matter.
Operators would be well advised not to simply insert the new provisions into their charters. It is probable that they will want to amend the standard wording depending on how they wish to allocate risk and cost. Moreover, owners and charterers must ensure that the new clauses complement, rather than contradict, the other terms of the charter in question. Changes will almost certainly be needed to existing charterparty clauses to avoid disputes arising. For example, the clauses dealing with delay or deviation may need amending to address the risk of shortages in low sulphur fuel in particular ports or regions, force majeure events may need re-defining and the responsibility for payment of any penalties or fines imposed by flag and coastal states for breach of the regulations must be clarified.
There will undoubtedly be a period of operational disruption and freight/hire rate volatility in the early part of 2020, as the market gets to grips with the new provisions. We recommend that owners set an ‘internal’ soft deadline in advance of 1/1/2020 for the amendment of their charters and the implementation of the protocols and procedures necessary to comply with the new cap. This pro-active approach should help iron out any teething problems and place owners in the prime position to take those opportunities that will inevitably arise in times of uncertainty, disruption and market volatility.
We are currently working with clients on drafting bespoke provisions to suit their particular needs. If you would like any assistance in this regard, please do not hesitate to contact Rory Macfarlane or Geraldine Koon at Ince & Co in London, or your usual contact.
Source: Ince & Co.
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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
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- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
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