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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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
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