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