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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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Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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Showing 1521 to 1525 news of total 6871 |
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- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
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