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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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Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- The University of Queensland
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
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