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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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Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Agrawal Coal Company - India
- London Commodity Brokers - England
- PTC India Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Planning Commission, India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Australian Coal Association
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
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