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