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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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Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
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- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- The University of Queensland
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
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