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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- The University of Queensland
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
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