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