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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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Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
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Showing 1496 to 1500 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Aditya Birla Group - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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