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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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- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
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