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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, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Australian Coal Association
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
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