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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, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
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