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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, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
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- Dalmia Cement Bharat India
- White Energy Company Limited
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
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