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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, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
Tuesday, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
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- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- The University of Queensland
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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